Japan to invest $8.7 bn in Philippine infra projects

But wait, there will be more, said Trade Secretary Ramon Lopez. 
More nations as well as corporations overseas have expressed keen interest to invest in the Philippines, which is expected to grow this year at a robust and enticing 6.5 per cent, among the fastest in Asia, he said.
At the end of next month, for example, President Rodrigo Duterte is scheduled to visit the Middle East, to visit the large Filipino communities in the oil-producing nations as well as drum up more foreign direct investment into the Philippines, which boasts a young, educated and growing population and sound macroeconomic fundamentals.
“We’ve just started the year and we’re off to a very good start,” he said. 
“More investments will be coming through the pipeline.”
To start the year, Japanese Prime Minister Shinzo Abe, the first head of state to visit the Philippines after the election of Duterte, said Japan would bring in some $8.7 billion in official development assistance and private investment over the next five years or the rest of Duterte’s term.
“I think the (pledge from Japan is) the biggest so far (from any country) during the Duterte administration,” Lopez said.
Arguably, “it may actually be higher than China’s pledge, which is about $6 billion in official development assistance and $3 billion in financing facility,” he said.
Japanese Foreign Press Secretary Yasuhisa Kawamura said Japan would like to contribute to the Philippines’ infrastructure development, including transportation and electricity, using Japanese expertise.
A joint committee on economic cooperation and infrastructure would be established and Japan would send experts to the National Economic Development Authority.
The world’s third largest economy also wants to be involved in peace and development in Mindanao, including the urban development of Duterte’s hometown, Davao City, and the implementation of projects in irrigation, sanitation, power, road construction and education in conflict areas.
Lopez has said the government was generating opportunities for Japanese investors in five priority areas – manufacturing, infrastructure and logistics, tourism, services and agribusiness.
Late last year, the Philippines secured from China a pledge of $6 billion in ODA and $3 billion in financing facilities, the bulk of which the Duterte government wants channelled into job-generating and economy-boosting infrastructure projects.
Lopez said yesterday that the government was taking an aggressive stance in attracting investment, as it wants to achieve inclusive growth, where the bulk of the population would feel the benefits of the general growth of the economy, a goal that eluded the previous administration.
But even with these big-ticket infrastructure and investment programmes in place, the Department of Trade and Industry would not lose sight of its focus on micro, small and medium-scale enterprises, which comprise the bulk of registered businesses in the Philippines, he said.