NextGen Day

A trade official claimed that 21 of the 33 business deals made during President Ferdinand R. Marcos Jr.’s official working visit to Japan will be completed in the next one to three years.

The majority of these low-hanging fruit investment pledges, according to Department of Trade and Industry (DTI) Assistant Secretary Glenn Pearanda, are in the manufacturing sector, he stated during the Laging Handa public briefing on Tuesday.

The majority of the investment commitments from Japanese manufacturers, according to Pearanda, are for expanding their businesses here.

He continued, mentioning industries like electronics, automobiles and auto parts, wiring harness, renewable energy, software development, telecommunications, infrastructure, agriculture, and real estate development as places where Japan is actively involved in the Philippines.

In a different television appearance, DTI Secretary Alfredo Pascual claimed that this year will see the start of telecom tower building thanks to an investment agreement.

Pascual previously stated that the investment commitments obtained by the Philippine delegation during the Chief Executive’s visit to Japan last week are “ready to go” and that the Japanese investors are serious about their plans to make investments in the Philippines because they already have businesses there.

He replied in Filipino, “They are serious about their investment plans because they are currently here operating.

The fact that they have identified local partners to carry out their investment plans in the nation means that these commercial agreements are ready to go, he continued.

Pearanda stated that those expensive projects involving mass transit and other infrastructure projects will take longer to finish in a separate conversation with trade reporters.

But the majority of them would arrive under President Marcos’ administration, he added.

He noted that last week, Marcos was joined by about 150 businesspeople from the Philippines for B2B talks with Japanese companies.

In the preceding week, there were about 300 B2B meetings held between Filipino and Japanese businesses.

The possible commercial transactions from these B2B meetings are not yet included in the USD13 billion commitments obtained by Marcos during his trip to Japan, Pearanda said, adding that “we are waiting for the results of their business engagements.”

Blue lane

According to Pearanda, the executive directive on assisting large projects will hasten the entry of big investments by creating “green lanes” for registration, permits, and licenses.

He claimed that follow-up meetings are being held by the Board of Investments (BOI), the Philippine Economic Zone Authority (PEZA), and other investment promotion agencies (IPAs) to facilitate these investment transactions.

PEZA officer-in-charge Tereso Panga stated in a statement that the organization is dedicated to pursuing these investment pledges and realizing their advantages to the nation, particularly in creating additional jobs.

“PEZA continues to improve its business environment in the ecozones in support of the government’s investment and export-led growth strategy,” Panga said. “This will allow it to be able to attract additional investments, jobs, exports, and other economic prospects for the country.

Around 884 Japanese companies set up shop in ecozones in PEZA alone.

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