The Philippines is set to receive investments worth $600 million for infrastructure development from Business tycoon Manny V. Pangilinan and major Japanese investor Mitsui & Co., according to Malacañang.
“We signed an agreement with Mitsui and several parties and management to commit to invest $600 million in the infrastructure,” Pangilinan said in a dinner with President Ferdinand R. Marcos Jr. on Wednesday.
Aside from infrastructure, Mitsui is also eyeing investments in agriculture and renewable energy.
Mitsui commended Marcos’ “strong leadership” in the economy, as it vowed to continue “exploring the possibility of further collaboration with the Philippines in business areas of mutual interest.”
For his part, the President thanked Japan for assisting Philippine development through “different Japanese funding agencies and government-to-government arrangements.”
“And it is a particularly auspicious time that we come again now simply because we have to now restart our own economies, we have to transform our economies, and again the partnerships I think that we have developed with our friends here in Japan, with Mitsui in particular… we will have to revitalize them as they have been dormant, to a degree, during the lockdowns of the pandemic,” he said. AG – gb
