PH, Japan to sign 10 business deals

Shinzō Abe and Rodrigo Duterte

With President Rodrigo Duterte’s visit to Tokyo later this month, the Philippines is anticipated to sign at least 10 economic arrangements with Japan as stated by Trade Secretary Ramon Lopez on Thursday.

Lopez added 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 said.

“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,” Lopez added.

Lopez stated the number of business agreements could still increase.

Duterte will head over 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.

The events will take place on May 30 to 31 in Tokyo.

Lopez added Duterte was anticipated 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 official is expected pursue in Japan is the reduction of tariffs imposed by Japan on Philippine bananas.

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