Philippines, Japan sign deals worth billions

(MENAFN- Gulf Times) Business deals worth nearly P300bn were signed yesterday as President Rodrigo Duterte marked the start of a three-day visit to Japan.
The 26 agreements, worth a total of P288.8bn and expected to result in the creation of 82,737 jobs, include a memorandum of co-operation on investment promotion activities between the Department of Trade and Industry and the Japan External Trade Organisation; a memorandum of understanding (MoU) between the EMS Group, Tescom Denki Co Ltd and Outsourcing Inc for skills training and human resource development and deployment; an MoU between Advanced World Systems Inc Alsons/AWS Information Systems Inc and Ubicom Holdings Inc on the outsourcing of software development, testing and maintenance projects; a joint venture agreement between the Bases Conversion and Development Authority and the Meralco Marubeni Consortium for the financing, design, engineering, construction, development, and operation and maintenance of New Clark City's electric power distribution system; an MoU between Asia Defence and Armament Corp, Kenko Tokina Co Ltd and Diversified Ecozone Corp for a facility that will supply customised equipment for the Philippine military; a letter of intent (LoI) from Tokyo Gas, creating for an inter-island liquefied natural gas distribution network and another LoI from Japan Marine United Corp and Marubeni Corp for the development of the Philippines' maritime safety capability by providing maritime expertise, including but not limited to the design and construction of ships.
Japan also provided 17 LoIs to the Department of Trade and Industry, covering multiple fields such as motoring, infrastructure, wiring harnesses and related products, and manufacturing, among others.
Duterte, who is in Japan for Friday's 25th Nikkei Conference on the Future of Asia, said the business deals were 'a vote of economic confidence in the Philippines' bright prospects.
'The Philippines is a natural choice for Japanese companies looking for the manufacturing base in Asean (Association of Southeast Asian Nations), and aiming to serve the export markets of Asean, EU (European Union) and the Americas, among others. These markets have preferential tariff arrangements with the Philippines, he added.
'Beyond manufacturing, the Philippines is also an ideal base for high-value Knowledge Process Outsourcing ventures to support the global operations of Japanese companies, Duterte continued.
He assured Japanese investors of a competitive and corruption-free business environment, and highlighted a recent Standard & Poor's ratings upgrade.
'At any hour of the day or night, you can contact any of the Cabinet members or your Filipino lawyers or Filipino workers, and you can ask an audience with me in 24 hours and I will talk to you, and just let me know what your problem is and we will kill that problem, he declared.
'Well, sort of. But as I am committed to do this, I place honour and my persona that what I guarantee here must be followed, Duterte added.
The president underscored the importance of Japan to the Philippines, as it is a major source of foreign direct investments and a key trading partner.
The 2006 Japan-Philippines Economic Partnership Agreement is currently being reviewed for possible upgrades that would benefit both countries, he noted.
Duterte also made a pitch for the Japanese participation in his government's Build Build Build infrastructure programme.

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