National Development Company (NDC), the government's investment arm under the Department of Trade & Industry (DTI), and Yachiyo Engineering Co., Ltd. of Japan (YEC) signed a Memorandum of Understanding (MOU) to explore cooperative ways to expand and promote business and project opportunities in the Philippines.
SIGNING OF MEMORANDUM OF UNDERSTANDING -- Chief Representative, Philippine Office, Yachiyo Engineering Co., Ltd. Mr. Gaku Adachi (left) and National Development Co. General Manager Mr. Antonilo Mauricio signing the MOU on June 6, 2023.
The MOU was signed by NDC General Manager Antonilo Mauricio and Yachiyo Engineering Chief Representative Gaku Adachi.at the ABB Hall of the NDC Building between on June 6, 2023. The MOU was an offshoot of President Ferdinand R. Marcos Jr.’s visit to Japan where he also met with YEC officials.
Under the MOU, NDC and YEC commit to explore cooperation to promote projects and business opportunities in the Philippines to Japanese companies.
YEC, a Japanese private entity, commits to explore projects with potential for cooperation, subject to a more definitive agreement among the parties and NDC's conduct of due diligence and evaluation of the pre-feasibility study/ feasibility study and other documentary requirements.
For its part, NDC together with YEC, will explore collaborative ways to support the business development of the parties, such as business matching and promotion activities, pursuant to the objective of this MOU.
Both parties shall also endeavor to share information as may be necessary, relevant, or desirable for the attainment of the objectives under the MOU, and subject to the conditions and limitations as may be provided for by law.
The MOU shall come into full force and effect from the date of signing and shall remain effective for one year from the date of signing unless earlier terminated by either party by giving a 30-day written notice to the other party, the MOU stated.
As the government’s investment arm, NDC is mandated to pursue commercial, industrial, agricultural, or mining ventures in order to give the necessary impetus to national economic development.
Under its charter, the government-owned and controlled corporation may on its own, or in a joint venture with the private sector, undertake vital projects when necessary or when the private sector is not willing or able to undertake such projects due to high risks or to lack of funds or resources.
Meantime, YEC is a Japanese consulting firm for infrastructure development in Japan and overseas. YEC provides consulting services that cover planning, feasibility study, design, tender assistance, construction supervision, project management, among others in various diverse fields such as urban and regional development, transportation, solid waste management, water supply, sewerage, water resources management, disaster risk management, energy, broadcasting and information and communications technology (ICT), and architecture.
YEC intends to further expand its business activities and services in the Philippines, including promotion of applicable Japanese technology and solutions, to contribute to the Philippines’ infrastructure sector and socio-economic development.
On February 7, 2023, NDC and YEC had a meeting in Tokyo, Japan in line with the state visit of Philippine President Ferdinand Marcos, Jr. to the said country, and discussed their mutual interests and business opportunities in the Philippines in which there is potential for collaboration.