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Japanese company to invest additional PHP 1.1 billion to PH’s PUV Modernization Program


President Ferdinand R. Marcos Jr. brought home PhP1.1 billion investment pledge from Japanese company Toyota Motor Corp. which expressed support to the government’s public utility vehicle modernization (PUV) program.

In a roundtable discussion with Japanese business community on the sidelines of the 50th Commemorative ASEAN-Japan Friendship and Cooperation Summit, Toyota Executive Vice President Yoichi Miyazaki said they are committed to invest PhP1.1 billion on top of its prior commitment of PhP4.4 billion.

“We have completed investment of PhP1.3 billion out of PhP4.4 billion. We are committing an additional PhP1.1 billion for … as a modern jeepney, bringing the total investment to PhP5.5 billion,” Yoichi told President Marcos’ in an update for their preparation for “the new Tamaraw.”

“The Tamaraw symbolizes our desire to contribute to the Philippine economy where we develop it to be a game changer in the field of mobility service … we look forward to your continued support in creating the adoption of the – program,” the Japanese investor added.

President Marcos witnessed the signing of nine agreements, which focused on areas of mutual cooperation such as energy, infrastructure and manufacturing and several others that are expected to benefit thousands of Filipinos in terms of employment.

In a Kapihan with the Media in Tokyo, Presidential Adviser on Investment and Economic Affairs Frederick Go said the Philippine government is now reaping the fruit of President Marcos’ visit to Japan this month and in February this year.

Secretary Go said the Marcos administration earned PhP169 billion of actualized investments.

The Department of Trade and Industry (DTI) said President Marcos’ official and state visits have resulted in $72.178 billion, or PhP4.019 trillion worth of investments in various stages.

Of the figure, the DTI said US$5.28 billion, or PhP294 billion were materialized, resulting in over 200,000 job opportunities from the last quarter of 2022 to December 2023. | PND

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