Majority or 21 out of total 34 investment pledges signed during the recent official visit of President Ferdinand R. Marcos Jr. to Japan are expected to materialize within three years, according to the Department of Trade and Industry (DTI).

DTI Secretary Alfredo E. Pascual described the prospects of the committed manufacturing projects as “ready to go”, particularly the expansion projects of existing investors in printers, parts and their components, and other technology projects.

Pascual also vouched for the integrity of the investment pledges as those were mostly coming from existing Japanese investors in the Philippines, while the new ones are big names in their respective industries.

DTI Assistant Glenn Penaranda specifically told the Laging Handa Public Briefing in Malacanang on Tuesday, Feb. 14, that 21 of the 33 deals signed are expected to be felt by the Filipinos in two to three years’ time. Some are even expected to start this year already.

Penaranda noted that it will take three years set up factories and plants. “We believe in three years we will already feel the impact and some this year, but definitely within the timeline of this administration,” he said.

The committed investments are also expected to generate 24,000 direct jobs, but it will create more indirect jobs.

The President’s official visit to Japan generated an estimated $13 billion worth of investment pledges from a total of 34 signed letters of intent (LOIs), memoranda of understanding (MOUs) and memoranda of agreement (MOAs).

But Penaranda said that the investment pledges would exceed the $13 billion because the business delegation of the President also held various business to business meetings with 80 Japanese firms. Although the DTI is yet collating the results of the B2B meetings, he said, the initial feedback was already very positive.

To ensure these projects materialize on time, Penaranda said the DTI and other agencies involved will have their own account officers to focus on these investments. Also, an executive order has been issued by Malacanang creating a “green lane” to prioritize the processing and registration of investment pledges generated from the President’s overseas trips.

The “green lane” allows streamlined processes and procedures for the projects. The DTI has also a team in Tokyo and Osaka, who will handhold the investors in the implementation of their projects.

“This is part of our continuing effort to make the economy competitive and on top of mind of Japanese investors,” said Penaranda.

It is also important that the Philippines remains competitive in terms of human resources skills by continuing to update skills of the workforce.

Japanese firms have also recognized the strengths of the Philippines and are willing to help a developing country, he said.