TOKYO – President Ferdinand “Bongbong” Marcos Jr. on Friday witnessed the signing of at least 35 Letters of Intent on investments and agreements between the Philippines and Japan-based companies.
Among these is Mitsubishi Motors Corporation’s renewed commitment to expanding its automobile manufacturing project in the Philippines.
The Presidential Communications Office said other business agreements signed include a wiring harness manufacturing expansion project with Asti Corporation, a printer manufacturing expansion project with Brother Industries, Ltd., a hotel construction project with DoubleDragon Corporation or IwataChizaki Inc.; and a factory expansion project with Japan Tobacco Inc.
Kurabe Industrial Co, Ltd. pledged to build a new factory for auto parts as well as energy, transportation, healthcare, and afforestation projects with Marubeni Corporation.
The Letters of Intent are between the Philippines and Japan as well as different business companies from both nations, aimed at improving foreign investor confidence.
The signing was done a day after the first summit meeting between Marcos and Japanese Prime Minister Fumio Kishida at the Prime Minister’s Office in Tokyo.
Seven key agreements were signed covering various areas of mutual cooperation including humanitarian assistance, disaster relief, infrastructure, agriculture, and digital cooperation.
Also signed by the two leaders was the Terms of Reference on Humanitarian Assistance and Disaster Relief of the Japan Self-Defense Forces or SDF—an agreement that would allow joint drills in humanitarian assistance and disaster relief by the Japanese and Philippine military.