Japanese firms to invest $1.24b into Philippine economy

Ramon Lopez, department of trade and industry secretary of the Philippines, has revealed that a total of $1.24 billion worth of investments and expansions of existing projects by Japanese companies are poised to flow into the Philippine economy in the near future, reported Philippine News Agency, a web-based newswire service of the Philippine government under the supervision of the News and Information Bureau (NIB) of the Presidential Communications Office (PCO).

These investments in the areas of manufacturing, agriculture, retail, real estate, automotive, as well as education, are expected to generate some 16,000 jobs in the country.

“These expansion projects and new investments are proof that foreign companies have strong confidence in our country’s economic stability and business environment under the Duterte administration. They wish to grow their business and partner with us in providing more jobs and opportunities for Filipinos,” said Lopez in a statement.