Marcos Jr vows to lower cost of doing business as PH, Japan sign 35 deals
TOKYO, Japan — President Ferdinand Marcos Jr. has promised that transaction costs for companies doing business in the Philippines would be reduced, as government officials and business leaders from both countries signed 35 deals.
Marcos made the assurance on Friday here in Tokyo, during the signing of letters of intent and agreements between the Philippines and Japan.
According to the President, Japanese businesses can expect lower transaction costs, aside from the establishment of a green lane that will shorten the processing time for permits and licenses.
“Very soon, you can expect reduced transaction costs in aspects of doing business in the Philippines. We are mandating involved government agencies to establish a Green Lane,” Marcos said in his speech.
“The lane will streamline the processing of permits and licenses. We are prescribing a maximum of three working days for simple transactions, and 20 working days for highly technical transactions. This will also offer a single point of entry for strategic investments,” he added.
Marcos also assured businesses that his administration’s eight-point socioeconomic agenda will ensure the country’s economic recovery.
“On a national scale, we have built confidence in our eight-point Socioeconomic Agenda. This set of agenda will reinforce the Philippine economy’s steady recovery and high growth trajectory,” he said.
“We build our efforts around the intentions to further promote investments, improve infrastructure, achieve energy security, create jobs, and develop priority industries. I hope you will find it encouraging that our national priorities align with building enabling environments for companies like yours,” he added.
During the program, 35 letters of intent and agreements were signed and presented to Marcos and other members of the Philippine delegation, including House Speaker Ferdinand Martin Romualdez, former president and Deputy Speaker Gloria Macapagal-Arroyo, Senator Mark Villar, and members of the Cabinet.
The deals were mainly in the areas of manufacturing, infrastructure development, energy, transportation, healthcare, renewable energy, real estate, and business expansion.
Some of the Japan-based firms involved in the deals are the following:
- Asti Corp
- Brother Industries Ltd.
- DoubleDragon Corp/IwataChizaki Inc.
- Japan Tobacco Inc.
- Kurabe Industrial Co, Ltd.
- Marubeni Corp
- Mitsubishi Motors Corp
The value of prospective investments related to these deals was not disclosed.
Marcos thanked Japanese businesses for considering the Philippines as an investment destination.
“I once again thank you for considering the Philippines as a place and as a partner to grow your businesses. The government of the Philippines has been working to deepen the confidence in the Philippines of foreign investors and companies,” he said.
“We have been advancing vital and game-changing reforms to improve the country’s business environment. And it is our hope that companies such as yours will not only find the Philippines to be an attractive investment destination. We are designing our efforts to encourage you to stay, and to find our country to be a place where your businesses will thrive,” he added.
Marcos is in Japan for a five-day official visit which started last Feb 8. Prior to this meeting, the President met with members of Japan’s Imperial Family and then Prime Minister Kishida Fumio.
He also talked to various businesspeople in Japan, particularly with shipowners, those from the tourism industry, and those who operate semiconductor and electronics firms.
READ: Bongbong Marcos arrives in Japan for five-day official visit
The President, according to the Presidential Communications Office, was supposedly able to secure billions of pesos worth of investment pledges which is seen to create 10,000 new jobs for Filipinos.
