Trade and Industry Secretary Alfredo E. Pascual reported that a total of P169.7 billion in actual investments have been generated from the 34 letters of intent and agreements signed with various Japanese companies during President Marcos visit to Japan in February this year.

Pascual reported the actual investments while accompanying President Marcos at the ASEAN-Japan 50^th year Commemorative Summit 2023 in Tokyo.

According to Pascual, out of the 34 letters of intent and agreements signed in February 2023 amounting to P757.1 billion (or about $13.7 billion), the actual investment to date is now at P169.7 billion (or $3.1 billion).

These investment leads are expected to deliver benefits such as job creation, technology transfer, industry development, and export growth to the Philippine economy. Further, these investments indicate that about 9,700 jobs have been created for the country based on reports.

Pascual also highlighted the noteworthy investments including electronic parts maker Murata Manufacturing, which invested P4.4 billion (or $79.6 million) last August 2023 for the construction of a new production building in Tanauan City, Batangas.

He shared that this has already resulted in the employment of around 3,500 Filipinos in Batangas, delivering P68.6 billion ($1.2 billion) worth of Philippine exports.

In addition, the trade chief shared that DoubleDragon Corporation’s CoChairmen Injap Sia II and Tony TanCaktiong were also in Japan to lead the groundbreaking ceremonies of their Hotel 101 project in Niseko. This will be the first Hotel 101 outside the Philippines and is expected to generate over P7 billion (or $126.7 million) in sales revenue.

Furthermore, in the areas of renewable development, the trade chief cited that Renova Incorporated, a renewable energy developer and power producer, pledged to expand in the Philippines and invest in RE projects across the spectrum of renewable technologies. Renova reported that its investment is already approximately double its original pledge.

Mechanical components and electronic devices manufacturer MinebeaMitsumi Inc. has also installed solar power generators at its Cebu Plant—a significant step in the company’s goal to reduce greenhouse gas emissions by 30 percent in 2031 and achieve carbon neutrality by 2050. Beginning operations in 1989 and currently employing around 20,000 workers, Minebea’s Cebu facility produces a wide range of products, including semiconductors, camera actuators, and connectors, and the new solar power generation systems will play a crucial role in lowering carbon emissions in their manufacturing process. The trade chief emphasized that since February 2023, Japanese investors have committed a combined total of P771.6 billion, equivalent to around $14 billion.

These investments are anticipated to create around 40,200 jobs, highlighting the steadfast efforts of the Philippine government to attract foreign investments.

Highlighting the DTI’s and the Philippine government’s continued commitment to transform the Philippines into a dynamic and robust economic powerhouse, Pascual said, “The Philippine government, led by the DTI, is committed to providing the necessary resources to ensure the success of these partnerships. Your support has been instrumental in making this event a reality, underscoring the strength of our shared vision for a prosperous future.”

The Secretary instructed the DTI’s Philippine Trade and Investment Center (PTIC) in Tokyo, led by Commercial Counselor Dita Angara-Mathay, to work on the realization of these Japanese investment pledges and agreements in cooperation with DTI and other government agencies.

PTICs, which represent DTI field officers overseas and are part of the Foreign Trade Service Corps, play a central and prime role in trade and investment lead generation and facilitation. They are mainly tasked with organizing the business program of the President in his official visits overseas.