A Japanese official has wished for the Philippines' success in managing its Maharlika Investment Fund, especially in the country's infrastructure agenda.
Chief Representative of Japan’s Komeito Party Natsuo Yamaguchi brought up the newly-signed law establishing the country's first investment fund during his meeting with President Ferdinand "Bongbong" Marcos Jr. on Wednesday, Aug. 16.
"I am aware that under the leadership of your excellency, a law was recently passed to establish the Maharlika Investment Fund," he said.
"As Japan has supported infrastructure development in your country through ODA (official development assistance), I hope that Maharlika Investment Fund, as a transparent and independent institution, will help your country’s infrastructure investment," he added.
Natsuo also expressed their intention to enhance the Philippines' and Japan's cooperation, banking on the two countries' "deep history of friendship."
Marcos, on the other hand, recognized Natsuo's visit as an integral part in the continuing efforts to forge deeper and progressive relations between the two nations.
He reaffirmed the country’s commitment to work closely with Japan towards sustaining areas of mutual cooperation in trade, economy, infrastructure, maritime industry and ODA, among others.
Higher level of cooperation: Defense and security
While Marcos acknowledged the long-standing cooperation between the two countries in terms of development, he underscored the need to bring the partnership into higher levels of cooperation anchored on enhancing key discussions in defense and security in the Asia-Pacific region.
The President expressed his hopes to create more opportunities in boosting economic peace and strength between the two countries.
"In the past, it could be said that the largest part of our interaction between our two countries were always in terms of trade, in terms of development, in terms of ODA," he said.
"I suppose now, times have changed and those agreements have gone beyond just trade, business, investment, and we now have to concern ourselves with issues of security and defense in our region," he added.
The President also recognized the agreements both countries were able to forge in terms of preserving the peace and allowing the free conduct of trade and shipping in the South China Sea.
He also urged Japan to work with the Philippines to alleviate the tensions in the region, raising the concerns over the "actuations of North Korea."
"It is something that although we would say is not top of mind in terms of security and defense, we consider it a critical issue that we, in there region, must work together very very hard to try to alleviate the tensions, to try to make all the proponents of peace in the region be the dominant voice," Marcos said.
"That is why we have taken to heart very much the concept that your Prime Minister has put forward in the various fora in that if we are to talk about peace in the region, we must also talk about economic peace, economic strength," he added.
The Chief Executive stressed that the peace in the region and economic strength are "interconnected," emphasizing the continuous conduct of joint maritime exercises.