President Ferdinand R. Marcos Jr. announced on Friday that his four-day state visit to Japan generated approximately USD 3.4 billion in investment pledges, bolstering the Philippines' status as a rising investment destination in Asia.
Elevated Partnership
During a press conference in Tokyo before returning to Manila, Marcos described the trip as highly productive. He highlighted meetings with Japanese government leaders and business executives that led to the elevation of the strategic partnership and expanded economic cooperation between the two nations.
Marcos noted fruitful discussions with Japanese Prime Minister Sanae Takaichi, including talks on military information sharing and maritime boundary delimitation. Both leaders reaffirmed their commitment to the rule of law, international law, freedom of navigation, and regional stability, particularly in the South China Sea.
"This reflects how our cooperation has grown not only stronger but deeper and broader, not only across traditional areas of security, maritime and defense cooperation, trade and investment, but also across new frontiers critical to our future such as energy security, supply chain resilience, decarbonization, artificial intelligence, and space cooperation," Marcos said.
Agreements and Investments
The visit paved the way for several agreements, including a deal to avoid double taxation, and cooperation in agriculture, fisheries, health services, and human resource development. Japanese firms also signaled additional investment plans worth PHP 56.3 billion for expansion in semiconductors, advanced electronics, precision manufacturing, and shipbuilding.
These expansion plans are expected to generate around 10,300 direct and indirect jobs for Filipinos. Major Japanese companies such as Furukawa Electric Corporation, Sumitomo Electric Industries, MinebeaMitsumi Inc., and Tsuneishi Group Corporation expressed confidence in the Philippine economy's long-term growth prospects.
"These engagements reaffirmed strong confidence in the Philippine economy and opened new opportunities for investments that will benefit our people," Marcos said.
Strategic Location
In meetings with Japanese business leaders, Marcos presented the Philippines as a strategic investment location due to its proximity to major Asian economies. "I suppose the way we could describe it is that we have aspirations to become a hub in Asia. Because as I keep reminding our potential investors, the Philippines is only four hours away from every major capital in Asia, and that puts us geographically at the center of Asia," he said.
Warm Reception
Marcos also expressed appreciation for the warm welcome extended by Japanese Emperor Naruhito and Empress Masako. He met with members of the Filipino community in Japan, estimated at around 33,000, thanking them for their contributions to both countries' economies.
"I commended their invaluable contributions to nation building and assured them that their welfare remains an enormous and a high priority of the government. Their hard work and dedication continue to strengthen the bond between our two countries," Marcos said.
