Pres. Duterte's Visit to Japan Yields $1.85 Billion Worth of Investment from Toyota & Mitsubishi


The Philippines could be the next industrialized country in Asia after President Rodrigo Duterte's visit to Japan yields $1.85 billion worth of investment pledges from two of the world's most profitable automotive behemoth, Toyota Motor Corp. and Mitsubishi Motors.


Secretary Ramon Lopez of the Department of Trade and Industry confirmed to international media that the investments, forged through memorandum of understanding (MoU) and Letters of Intent, are in the automotive, egg-laying laying, optical imagery, and biofuel, among others.

The DTI Secretary noted that the fresh investments from Japan may generate between 200,000 to 250,000 direct and indirect jobs over the coming years.

Mitsubishi Motors Philippines Aerial View
Toyota and Mitsubishi decided to build their subcompacts models in the Philippines namely, the Toyota Vios and Mitsubishi Mirage models. The investment from two of Asia's most popular automaker will boost the Philippines effort to revive its automotive industry.

Aside from the investments from Toyota and Mitsubishi, other companies showed their interests in investment to the Philippines, companies like Marubeni and Sumitomo Mitsui Banking Corp. had brief meetings with Pres. Duterte during courtesy calls of their officials on Thursday afternoon.

Dutete's adviser on Economic Affairs Ramon Jacinto described Pres. Duterte's first visit to Japan as "very positive" noting how "the Japanese understood him very well in terms of what he really wants and he really means by asserting our independence, and that we have to stand up on our own, and that we have to create our own ASEAN region that is strong like the European Union."

Toyota Motors Philippines

Based upon statistics provided by the Japanese Embassy in Manila, the cumulative direct investment to the Philippines from 2000 to 2015 totaled around $609 billion, topping the Netherlands' $431.3 billion and United States with $399 billion.

Japan is also the Philippines largest trading partner totaled $18.8 billion in 2015, higher than China, which is valued at $17.2 billion, and with the US, at $16 billion. The Japanese government is also the largest donor to the Philippines totaling $24.3 billion from 1966-2013, which represents around 56% of what the Southeast Asian country has received during the period.

Source: Bangkok Post

Pres. Duterte's Visit to Japan Yields $1.85 Billion Worth of Investment from Toyota & Mitsubishi Pres. Duterte's Visit to Japan Yields $1.85 Billion Worth of Investment from Toyota & Mitsubishi Reviewed by Phil Newsome on 10/28/2016 Rating: 5

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