Duterte’s Japan trip brings Toyota, Mitsubishi deals in $1.85B investment
During President Rodrigo Duterte’s visit to Tokyo, Japan, he was able to secure investments worth $1.85 billion from Japanese companies including Toyota Motor Corp. and Mitsubishi Motors which have both pledged to build subcompact cars here in the Philippines.
Trade Secretary Ramon Lopez mentions that the two auto giants’ decision to build Vios and Mirage models should boost Manila’s efforts to revive its automotive undustry, as reported by ABS-CBN.
Other than that, there are 12 total investment aggreements that were signed during Duterte’s visit and agriculture and renewable energy were some of these. Lopez said that they expect these to generate about 250,000 jobs for the Filipinos.
“That will mean more business activities [and] more jobs,” Lopez said.