Philippines, Japan Firms Sign $6 Billion Worth Of Investment Deals Under President Duterte
President Rodrigo Duterte witnessed the signing of 25
agreements between the Philippines and Japanese firms that will potentially
yield $6 billion worth of investments for the country, said Trade Secretary
Ramon Lopez on Monday, October 30.
“President Rodrigo Roa Duterte met several Japanese
companies and witnessed several B-B MOUs (business-to-business memoranda of
understanding) and letters of intent on Investment plans, joint ventures, and
expansion of operations in the Philippines,” Trade Secretary Ramon Lopez said
in a statement.
The Trade official said the deals include investments in
manufacturing, shipbuilding, iron and steel, agribusiness, power, renewable
energy, transportation, infrastructure, mineral processing, retailing,
information and communications technology, and information technology-business
process management.
In a speech he delivered before Japanese Prime Minister
Shinzo Abe, President Duterte said the Philippines was grateful for Japan’s
commitment to pour in more investments to the country.
“In trade and investments, both sides agreed to ramp up
further their economic activities. We welcome the increasing investments from
Japan in the Philippines,” President Duterte said.
“We are ready to work with responsible companies, which we
consider as our new partners for growth,” he added.
Meanwhile, Secretary Lopez said he was able to hold a
bilateral dialogue with his Japanese counterpart, Trade Minister Hiroshige
Seko, from which they discussed several issues.
Secretary Lopez said they discussed the Philippine products’
improving access to Japan, as well as the lowering of tariff for the
Philippines’ agri-products such as banana, pineapple, and mango.
Agriculture Secretary Emmanuel PiƱol earlier said the Philippines
would ask the Japanese government to impose zero tariffs on the country’s fruit
exports, particularly in bananas, pineapples, and mangoes.
To date, Japan imposes a 2.5 percent tariff for Philippine
bananas during the off-season and increases to up to 18 percent during the
fruiting season.
The two Trade officials also tackled the industrial
cooperation and the improvement of the supply chain for Japanese companies to
benefit small and medium enterprises in the Philippines.
Secretary Lopez said they also talked about Japan’s support
to reach a Regional Comprehensive Economic Partnership, a proposed free trade
deal between Southeast Asian nations and Australia, China, India, Japan, South
Korea, and New Zealand.
Watch the video report below via Bandila:
Source: SunStar Philippines
Philippines, Japan Firms Sign $6 Billion Worth Of Investment Deals Under President Duterte
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October 31, 2017
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