PH, Japan to sign $1.5B in trade deals: DTI

The Philippines and Japan will sign $1.5 billion in deals during President Rodrigo Duterte's trip to Japan this week, Trade and Industry Secretary Ramon

In a statement, Lopez said the 12 business deals worth an investment value of $1.5 billion are expected to generate at least 200,000 jobs.

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He said the projects involve the following: automotive, shipbuilding and ship repair, biomass fuel, optical image stabilizers, agriculture, electric vehicles, vehicle parts, renewable energy and energy management systems.

Earlier, Agriculture Secretary Emmanuel Piñol also said Filipino farmers will begin supplying bananas to a Japanese supermarket chain under an agreement that will be signed during Duterte's trip.

The Philippines is Asia's largest supplier of bananas, which are also the country's second biggest export product next to coconut.

The deal with Japan is expected to generate 100,000 jobs.

“Japan is our largest trading partner with over $18 billion total trade. We export more than we import and we have $6 billion trade surplus, which is a big help to our economy,” said Lopez.

Japanese companies are also major players in some of our industries, especially in automotive, ship repair and shipbuilding industries.

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“These are industries where we expect more investments and joint ventures to expand,” according to the trade chief.

Last week, the Duterte administration also secured at least $13.5 billion in trade commitments from China during his state visit there.

[SOURCE]

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