President Ferdinand “Bongbong” Marcos Jr. on Sunday arrived back in the Philippines from his official visit to Japan, which he said would bring a new decade of partnership between the two countries.
In his arrival speech, Marcos said the Philippine delegation—including government officials and business executives—secured over $13 billion in contributions and pledges.
This is estimated to be worth P708.2 billion, with the deals set to create some 24,000 employment opportunities.
“From my visit it was very clear that our strategic partnership with Japan has withstood the test of time and is poised for a new decade of mutual trust, mutual support, and mutual benefit,” he said.
Latest data from the Philippine Statistics Authority (PSA) show that Japan was the country’s third-largest importer of Philippine-made goods in December at $809.85 million, and third-largest exporter to the country at $793.58 million.
Marcos flew to Japan on board PR 001 on February 8, 2023 for an official visit, which included an audience with Japanese Prime Minister Fumio Kishida.
Marcos said the meeting focused on a strategic partnership between the Philippines and Japan, mapping out the “transformative, future-oriented partnership that is responsive to new developments.”
He said it also cemented relations regarding defense and security relations, agriculture, information and communication technology, along with cooperation and bilateral agreement frameworks for mutually beneficial collaboration in “many areas.”
Marcos earlier said the social and economic benefits from the visit will be felt “very, very soon, very rapidly.”
Among the commitments secured during the trip were loan deals for the North-South Commuter Railway (NSCR) Project and its extension, estimated to be worth over ¥400 billion or over P166 billion.
As planned, the project is set to have 18 elevated at-grade stations and would cut the 2.5-hour travel time by road from Manila to Calamba by over half.
It will also be connected to the Metro Manila Subway.
Once operational, the railway is expected to accommodate 600,000 passengers daily by 2040.
Originally, the NSCR was envisioned to be the biggest railway project of the administration of former President Benigno “Noynoy” Aquino III.
It was planned to have a northern segment connecting Malolos, Bulacan to Tutuban, Manila, and the southern portion connecting Tutuban to as far south as Matnog, Sorsogon.
Japanese businesses have also signified commitments to expand operations in the Philippines, including multinational carmaker Toyota and conglomerate Marubeni. — DVM/BM, GMA Integrated News
