Pangilingan, Misui & Co Signs Agreement for $600M Investment

Manual V. Pangilingan and Mitsui & Co. from Japan have committed to invest over $600 million for infrastructure development in the Philippines.

Pangilingan released a statement saying that “We signed an agreement with Mitsui and several parties and management to commit to investing $600 million in the infrastructure,”

Recently, the business tycoon met with President Marcos in Japan. Pangilingan was one of the Filipino businessmen who were part of the delegation during the President’s visit to Japan and held discussions with Japanese investors.

Japanese investor, Mitsui & Co. is looking into investing in the identified priority sectors of the Marcos administration such as renewable energy, infrastructure, and agriculture.

Department of Trade and Industry (DTI) Secretary Alfredo Pascual has mentioned that multiple investments between Japan and the Philippines during the President’s official visit are “ready to go”.

President Marcos Jr. saw the signing of a total of 35 investment deals between the Japanese and Philippine governments and business actors.

“There are some that are ready to go. Some are already registered with the BOI (Board of Investments) that were documented to meet the investments,” mentioned Secretary Pascual.

Secretary Pascual likewise mentioned that the President would soon disclose the total amount of investment pledges procured by the government during the trip to Japan.

Aside from this, Japanese car company Toyota has pledged to invest over ₱4.4 billion in the production of light commercial vehicles (LCV) in the country.

Toyota Motor Philippines Corp. President Okamoto Atsuhiro has stated that a signed letter of intent was given to the Philippine government to invest in LCV or IMV-0, which is also knowns as the Innovative International Multipurpose Vehicle-zero project.

Source: Philstar