President Ferdinand R. Marcos Jr. brought home P1.1 billion investment pledge from Japanese company Toyota Motor Corp. which expressed support to the government’s public utility vehicle modernization program.
In a roundtable discussion with Japanese business community on the sidelines of the 50th commemorative ASEAN-Japan Friendship and Cooperation summit, Toyota Executive Vice President Yoichi Miyazaki said they are committed to invest P1.1B on top of its prior commitment of P4.4B.
“We have completed investment of P1.3B out of P4.4B. We are committing an additional P1.1B for the jeepney modernization, bringing the total investment to P5.5B,” Yoichi told President Marcos in an update for their preparation for “the new Tamaraw.”
“The Tamaraw symbolizes our desire to contribute to the Philippine economy where we develop it to be a game changer in the field of mobility service. We look forward to your continued support in creating the adoption of the program,” the Japanese investor added.
The President witnessed the signing of nine agreements, which focused on areas of mutual cooperation such as energy, infrastructure and manufacturing, and several others that are expected to benefit thousands of Filipinos in terms of employment.
In a kapihan with the media in Tokyo, Presidential Adviser on Investment and Economic Affairs Frederick Go said the Philippine government is now reaping the result of President Marcos’ visit to Japan this month and in February this year.
Go said the Marcos administration earned P169B of actualized investments.
The Department of Trade and Industry said the President’s official and state visits have resulted in $72.178B, or P4.019 trillion worth of investments in various stages.
Of the figure, the DTI said $5.28B, or P294B, materialized, resulting in over 200,000 job opportunities from the last quarter of 2022 to December 2023. – Press release