THE Department of Trade and Industry (DTI) clarified that the P13.5 billion investment commitments obtained by President Benigno Aquino 3rd during his recent state visit to Japan was incremental to previous Japanese investments already in the Philippines.
“The additional 13.5 billion is for expansion that is truly incremental to their previous investments already in the Philippines,” Ponciano Manalo, DTI undersecretary for the Trade and Investment Promotions Group (TIPG), told reporters.
Upon his return from Japan, Aquino announced he was bringing home P13.5 billion in foreign investment commitments and pledges and P136.9 billion in concessional loans.
He said that 11 Japanese firms had signed letters of intent to invest or expand operations in the country and that one of these companies is clothing firm Uniqlo, which plans to open 200 more outlets in the country.
Other companies with investment or expansion plans include manufacturers of electric tricycles, printers, smart glasses and medical equipment, he added.
Aquino said the investments can generate up to 30,761 jobs.
Manalo said the DTI will make a breakdown of the 2015 and 2016 upcoming investments and aggregate them until the current administration steps down in 2016.
He said these investments figures do not yet include the marketing investment of Kirin Holdings Co. Ltd. for the introduction of their new product, non-alcoholic beverages, into the country.
“So these are just planned investments. The additional 30,000 jobs are also planned. Whenever we go on a trip like this to Singapore, to the US, Europe, we always try and provide information on planned and additional investments, “ Manalo said.
“The most important thing is the amount of money inflow and the number of jobs [that will be]created,” he added.