At least five business deals and memoranda of understanding (MOU) will be signed by President Marcos on Monday during his official visit to Japan, Trade Secretary Alfredo Pascual said on Saturday in Tokyo.
Pascual did not elaborate yet on the details of the agreements but said the deals are “an expression of interest to invest in the Philippines, expressions of Japanese companies to invest in the Philippines.”
He said the investment commitments from Japanese businesses signify their confidence in the Philippines and “serious intent and serious plans to proceed to the investment.”
“It has the support of the present policy of the administration in the sense that we are inviting foreign investors to come into the country and these Japanese investments are most welcome,” Pascual said.
“They are among the largest investors in the Philippines already among all the nationalities that have operations in the country,” he added.
Mr. Marcos is in Japan for the 50th Association of the Southeast Asian Nations (ASEAN) – Japan Friendship and Cooperation Commemorative Summit.
He was slated to meet Japanese Prime Minister Fumio Kishida for dinner on Saturday night.
Southeast Asian and Japanese leaders will commit to strengthening “maritime security cooperation”, according to a draft statement seen by Agence France-Presse, at a summit focused on boosting economic ties but also China’s growing regional assertiveness.
Beijing claims almost the entire South China Sea, a vital trade corridor, and its increasingly aggressive behavior in disputed areas has riled nations across the region as well as Washington.
Close US ally Japan, which also has competing territorial claims with China, is upping its military spending and has boosted security cooperation in the Asia-Pacific region.
According to the draft of the summit’s final statement, Japan and ASEAN will commit to “(strengthen) security cooperation, including maritime security cooperation”.
The leaders are also expected to stress the need for a “rules-based Indo-Pacific region that is free and open”, the peaceful settlement of disputes, and respect for territorial integrity.
Japan last month agreed to loan the Philippines — which has seen a spate of incidents involving Chinese vessels in recent weeks — hundreds of millions of dollars for new coast guard vessels and to supply a radar system.
Japan and the Philippines also agreed to start talks on a Reciprocal Access Agreement (RAA) that would include provisions for the deployment of troops on each other’s soil. With Charles Dantes