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DTI expects $5 billion in signed deals from Duterte’s Japan trip

DTI expects $5 billion in signed deals from Duterte’s Japan trip

MANILA, Philippines: The Department of Trade and Industry (DTI) said the Philippines may get around $5 billion from over 20 business deals that may be signed on the sidelines of President Rodrigo Duterte’s trip to Japan this week.

The DTI said in a statement on Monday, May 27, that the expected agreements could generate around 80,000 jobs for Filipinos as well.

Bulk of these agreements will be on infrastructure, manufacturing, electronics, medical devices, business process outsourcing, power, transport, automotives, food manufacturing, and marine manpower, added the DTI.

Duterte will be going to Japan for Nikkei’s 25th International Conference on The Future of Asia from Thursday to Friday, May 30 to 31. A delegation of Philippine businesses will also attend to strike deals with Japanese firms.

Trade Secretary Ramon Lopez said Japanese investors remain optimistic over the Philippines’ growth momentum due to the ongoing infrastructure program.

The DTI also went to Japan last March for a trade mission, securing $1.24 billion in investment pledges.

Japan was the Philippines’ second top trade partner in 2018. As of March 2019, it was also the country’s second top export and import destination. – Rappler.com