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Japanese firms set to ink deals worth US $6 Billiion with the Philippines this week

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Japanese and Philippine business are set to sign business deals worth an estimated PHP 300 billion or ($6 billion USD) this week during President Rodrigo Duterte's visit to Tokyo, said Trade Secretary Ramon Lopez.

The investment would create over 80,000 jobs for Filipinos according to Lopez. He would personally oversee the signing of some 20 business agreements at the 25th Nikkei International Conference on The Future of Asia. Prime Minister of Japan, Shinzo Abe will also attend a meeting at the conference.

According to the official event website, the conference will be attended by political, economic and academic leaders who will “offer their opinions frankly and freely on regional issues and the role of Asia in the world.”

Deal Details

According to Lopez, the majority of investment will benefit the following industries; electronics, manufacturing, automotive, food manufacturing, power, electricity, transport, infrastructure, medical devices and business process outsourcing.

“The Department of Trade and Industry (DTI) is consistently pursuing investments from all countries to provide decent employment opportunities to Filipinos,” said Lopez.

Japanese investors remained bullish on the sustained growth momentum under the Duterte administration with the current plans to build up infrastructure and further cooperation among partners in the region.

Japan was the second largest trading partner to the Philippines last year, with total exports to Japan of USD $381 million and total imports of USD $200 million.

On Tuesday night, President Duterte is expected to arrive in Tokyo, On Wednesday he will attend a meeting with notable Japanese businessmen at the Nikkei business forum and the following Thursday night, he scheduled to meet with the Filipino community based in Tokyo.

Source: Philippine Daily Inquirer