The National Economic and Development Authority (NEDA) said the “high-value deals” sealed by President Marcos during his recent visit to Japan is expected to generate thousands of jobs for Filipinos.
In a statement on Thursday, Feb. 16, NEDA Secretary Arsenio M. Balisacan said the 35 agreements, worth $13 billion or P708.2 billion, between Tokyo and Manila are expected to create around 24,000 direct jobs.
“We have affirmed the Philippines’ strong bilateral relations with Japan and secured over $13 billion or P708.2 billion worth of agreements in the form of contributions and pledges from the Japanese government and business leaders,” Balisacan said.
He said these Japanese investments will enable Filipinos to access better income-earning opportunities and bolster their purchasing power over the medium term.
Balisacan, meanwhile, assured the Japanese government and investors that the 35 deals will be fair and transparent.
“We will strive to continuously provide a fair, transparent, and enabling environment for trade and investments to further elevate the competitiveness of our domestic industries and generate more jobs across key sectors including infrastructure, health care, technology, and agriculture,” he said.
During the trip, loan agreements amounting to ¥377 billion, roughly $2.8 billion, were also signed between the two nations.
These financing accords will fund the construction of the North-South Commuter Railway Project (Malolos-Tutuban) II and the North-South Commuter Railway Extension Project II, Balisacan said.
“The completion of these infrastructure projects, including the Metro Manila Subway Project, is expected to promote seamless and efficient connectivity among major economic centers,” the NEDA chief said.
“These projects are seen to create stronger market interlinkages and generate more job opportunities,” he added.
Moreover, Balisacan said their visit to Japan also served a pivotal step to turn the plans and strategies in the Philippine Development Plan (PDP) 2023-2028 into concrete actions.
The government’s chief economist added that the effective implementation of key economic liberalization laws will create a more open investment climate for businesses expansion despite the expected global economic slowdown this year.
“We enjoin both the public and private sectors, together with our civil-society partners, to act as one in operationalizing the PDP and harness the power of trade and investments as motors of high-quality job creation, skills development, and sustained poverty reduction,” Balisacan said.