Ferdinand Marcos Jr.

Marcos’ Japan trip seen to bring in P150-B in new investments, says envoy

Sofia Tomacruz

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Marcos’ Japan trip seen to bring in P150-B in new investments, says envoy

PHILIPPINE LEADER. President Ferdinand Marcos Jr.

Cindy Liu/Reuters

Philippine Ambassador to Japan Mylene Garcia-Albano says agreements eyed may also generate 8,000 jobs for Filipinos

MANILA, Philippines – President Ferdinand Marcos Jr.’s upcoming trip to Japan is expected to reap some P150 billion in new investment pledges, with back-to-back meetings scheduled with top Japanese executives.

In an interview with ANC on Tuesday, February 7, Philippine Ambassador to Japan Mylene Garcia-Albano said agreements eyed were also expected to generate 8,000 jobs for Filipinos.

Marcos is set to travel to Tokyo, Japan, for an official working visit from Wednesday, February 8, to Sunday, February 12. The trip will be his third for 2023 and his ninth since taking office in end-June 2022.

The Department of Foreign Affairs earlier described the Philippine leader’s trip to Japan as “consequential,” considering Tokyo was only one of Manila’s two strategic partners, along with Vietnam.

Japan is also the Philippines’ second largest trading partner, its third largest export market, and second source of imports. For official development assistance, Japan remained the Philippines largest source of foreign aid and concessional loans.

While in Tokyo, Albano said Marcos will meet with top executive and chairmen in the electronics, semiconductors, printers, and wiring harness manufacturing industries during a roundtable.

“Several letters of intent and agreements which are expected to significantly expand Japanese investments,” were also in the works, the envoy said.

Since taking office last June 30, the Marcos administration has pitched overseas trips as essential for the Philippines’ post-pandemic recovery efforts.

Defending the frequency of his travels, Marcos argued its value should be measured by its “return on investment,” rather than expenses incurred. – Rappler.com

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Sofia Tomacruz

Sofia Tomacruz covers defense and foreign affairs. Follow her on Twitter via @sofiatomacruz.