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Japan’s $6B investment to create 500,000 jobs in PH

Around 500,000 jobs will be created as an effect of Japan’s $6 billion investment in the Philippines, Department of Trade and Industry Secretary Ramon Lopez said.

 

During President Rodrigo Duterte and the Philippine delegation’s visit to Japan from Oct. 29 to 31, several Japanese companies committed to invest in various sectors of the Philippines.

 

Job opportunities will be available in the manufacturing, retail, IT-business process outsourcing, information and communications technology, infrastructure, energy, agribusiness and transportation sectors.

 

Lopez said details on the jobs to be generated are still being finalized as several of the Japanese companies have not yet submitted their job generation projections.

 

“Not all are really able to mention yet the jobs that we generated but, considering the number of jobs, for example, committed in our last visit – and that ran already to about 200,000 expected jobs once the investments come in – so this should be more than two times at least, depending on the project,” he said in an ANC interview.

 

“If it’s a labor-intensive project then you can expect easily over 500,000 new jobs in these projects to be undertaken,” he added.

 

Some of the 18 Japanese companies that signed deals with the Philippines are Marubeni Corp., Itochu Corp., Sumitomo Metal Mining Co., Ltd., Tsuneishi Shipbuilding Co., Ltd., Teihiyo Cement Corp., and Lawson Inc.

 

According to DTI, Japan is one of the country’s biggest trading partners.

 

Sources: ANC, PNA

 

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