Feb. 27, 2023.
Philippine President Ferdinand Marcos visited Japan from February 8 to 12 (Government News Service, February 12, 2023). During his visit, President Marcos held meetings with industry leaders and investors to explain the business and investment environment in the Philippines and received investment commitments in the amount of $13 billion, according to a Philippine government announcement. These investments are expected to create about 24,000 jobs in the country, the Philippine government said.
In conjunction with President Marcos' visit to Japan, 35 Memorandums of Understanding (MOUs) and Letters of Intent (LOI) were signed between Japanese and Philippine companies and government agencies related to investment. The areas of investment concluded include manufacturing, construction, transportation, energy, environment, healthcare, and others. These include the conclusion of a Memorandum of Understanding between Marubeni and the Department of Environment and Natural Resources (DENR) of the Philippines, Daekon, the parent company of major conglomerate group DMCI, and the University of the Philippines College of Forestry and Natural Resources to promote a project to develop a carbon credit program* through reforestation, and a Memorandum of Understanding between JERA and major JERA and Aboitiz Power, a subsidiary of the conglomerate group Aboitiz Equity Ventures, to jointly study ammonia co-firing in coal-fired power plants to decarbonize the country.
In his speech following the signing ceremony of the Memorandum of Understanding and the Memorandum of Understanding by Japanese and Philippine companies and others, President Marcos told the Japanese companies that his administration will implement landmark economic reforms to improve the business environment in the Philippines.
(Note) This refers to a system that allows companies to issue credits (emission credits) for reductions in greenhouse gases resulting from their forest protection, afforestation, and introduction of energy-saving equipment, and to trade them with other companies and other entities.