PH, Japan to sign 10 business deals
The Philippines is expected to sign at least 10 economic agreements with Japan during President Rodrigo Duterte’s visit to Tokyo later this month, Trade Secretary Ramon Lopez said on Thursday.
Lopez said the business-to-business deals with Japan were related to industries like electronics, manufacturing, data analytics, services, energy, transportation and tourism, like the establishment of theme parks and hotels.
“So far we have two MoUs (Memoranda of Understanding) and at least eight letters of intent, in other words, companies that are already here that are intending to expand their operation, invest more, expand the operations,” Lopez told reporters.
“These are big Japanese companies that we cannot also ignore, they still want to express their support and confidence for the current administration and they want to indicate their intent to invest more,” he added.
Lopez said the number of business agreements could still increase.
Duterte will fly to Japan at the end of May to attend the Future of Asia international conference. A gathering of political and economic leaders in the Asia-Pacific region, the forum, which is organized by Nikkei, will take place on May 30 to 31 in Tokyo.
Lopez said Duterte was expected to give a speech at the forum, where he would bring up the Philippines’ new credit rating upgrade, reforms in bureaucratic processes, and his campaign against corruption and red tape.
Another economic issue Philippine officials would likely pursue in Japan, according to Lopez, is the reduction of tariffs imposed by Japan on Philippine bananas.