Japan vows P250B to PH dev’t Loan, investment pledges for PH to attain upper middle income status READ MORE:
Tokyo—Japan pledged 600 billion yen in official development assistance and private sector investment to the Philippines on Thursday, as it vowed to provide “dynamic support” in helping its “long-time ally” attain Upper Middle Income Country status by 2025.Japanese Prime Minister Fumio Kishida gestures to direct President Ferdinand Marcos Jr.
“The future of our relationship remains full of promise, as we continue to deepen and expand our engagements across a wide range of mutually beneficial cooperation,” Mr. Marcos added. “Philippines is Japan’s neighbor across the ocean and is a strategic partner sharing fundamental values. Today, discussion was held with President Marcos on bilateral cooperation on economy, security anddefense, and people-to-people exchange, and deepening of cooperation in wide-ranging areas were strongly affirmed,” PM Kishida said.
He said the country’s base of engineers, strong workforce, entrenched network of leading Japanese companies, and demonstrated history of success in the information technology services sectors offered the promise of future expansion. This trend has been building over a 20-year period where wiring harness exports from 2001 to 2021 grew at a steady pace of 9 percent a year.
“Just like Japan, we want to strengthen and empower our small and medium-sized enterprises so they can transform into true engines of growth,” he said. “They are the heart of our communities. And most importantly, we intend to grow the position of the country as an industrial and service hub in the region through the establishment of anchor locators such as yourselves, who we hope will stimulate development to attract tier 1 to tier 3 suppliers,” President Marcos said.
On its official Facebook account, state-run Radio Television Malacañang showed video footage of Marcos along with Mitsui and MPIC executives like Mitsui & Co. chief executive officer Kenichi Hori and MPIC chairperson Manny Pangilinan. Marcos is on a five-day official trip to Japan to strengthen Manila and Tokyo’s collaboration in a wide range of areas, including agriculture, renewable energy, digital transformation, defense and infrastructure.
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