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Manila Bulletin devider Philippines devider National devider PBBM accepts $600-M infra investment from MVP, Mitsui

PBBM accepts $600-M infra investment from MVP, Mitsui

Published Feb 12, 2023 12:52 pm

TOKYO, Japan — Business Manny Pangilinan and major Japanese investor Mitsui & Co. have expressed commitment to investing $600 million in infrastructure development in the country, Malacañang said.

President Ferdinand "Bongbong" Marcos Jr. (BBM Media Bureau)

Pangilinan bared this in a dinner meeting on Wednesday, February 8, with President Ferdinand "Bongbong" Marcos Jr, who embarked on a five-day official working visit to Japan to strengthen relations with a longtime Philippine ally.

"We signed an agreement with Mitsui and several parties and management to commit to investing $600 million in the infrastructure," Pangilinan said.

Mitsui & Co., meanwhile, also eyes investments in priority sectors of the administration of President Marcos, particularly in agriculture, infrastructure, and renewable energy.

Mitsui lauded President Marcos for his "strong leadership" in steering the economy and vowed further collaboration with Philippine businesses.

It added that it would continue "exploring the possibility of further collaboration with the Philippines in business areas of mutual interest," including food and agriculture, renewable energy, and digital transformation.

President Marcos thanked Japanese businesses for assisting the Philippines in many development areas.

"We can point to so many of the developments that happened in the Philippines with the assistance of the different Japanese funding agencies and government-to-government arrangements, the commercial arrangements -- and these have been to the benefit of both our countries," Marcos said.

"And it is a particularly auspicious time that we come again now simply because we have to now restart our own economies, we have to transform our economies, and again the partnerships I think that we have developed with our friends here in Japan, with Mitsui in particular... we will have to revitalize them as they have been dormant, to a degree, during the lockdowns of the pandemic," he added/

Marcos said he looks forward to the "discussions that we'll be having" as he expressed "great hopes that this will be the driver of our economy."

Related Tags

Bongbong Marcos investment invest in PH PH-Japan ties Manny Pangilinan Trip to Japan Infrastructure Mitsui President Marcos
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