MANILA, Philippines – About 200,000 jobs are expected to come out of the 12 business deals set to be signed during President Rodrigo Duterte’s visit to Japan, the Department of Trade and Industry (DTI) said.
DTI Secretary Ramon Lopez said the government is working on 12 memoranda of understanding and commitments with an investment value of $1.5 billion.
The 12 business deals are in the areas of automotive, shipbuilding/ship repair, biomass fuel, optical image stabilizers, agriculture, electric vehicles, vehicle parts, renewable energy or solar and energy management system.
Lopez also said that the Philippines is expecting more Japanese investments in the automotive industry, shipbuilding, and agriculture.
He cited the presence of several Japanese companies in these industries, such as Toyota Motor Philippines and Mitsubishi Motor Philippines in the automotive sector, and Tsuneishi Heavy Industries in the shipbuilding sector.
“These are industries where we expect more investments and joint ventures to expand,” Lopez said.
The DTI chief also highlighted Japan’s role as a significant Philippine trade partner.
“Japan is our largest trading partner with over $18 billion total trade. We export more than we import, and we have $6 billion trade surplus, which is a big help to our economy,” he said.
Meanwhile, agriculture secretary Manny Piñol said a Japanese store chain plans to source 20 million cases of bananas from the Philippines.
The project, which would require 50,000 hectares of land, would translate to about 100,000 jobs generated.
Piñol said the Philippines is Asia’s largest supplier of bananas. It is one of the country’s major agricultural export products. – Rappler.com