Duterte Japan trip yields Toyota, Mitsubishi deals in $1.85-B package
Duterte Japan trip yields Toyota, Mitsubishi deals in $1.85-B package
President Rodrigo Duterte and Japanese Prime Minister Shinzo Abe meet on the
sidelines of the ASEAN Summit in
Vientiane, Laos on Sept. 6.
(File photo from ABS-CBNNews.com)
TOKYO – President Rodrigo Duterte has secured $1.85 billion in investment pledges from Japanese companies here, including commitments from Toyota Motor Corp. and Mitsubishi Motors to build subcompacts in the Philippines, a Cabinet official said Thursday.
The two auto giants’ decision to build Vios and Mirage models will boost Manila’s efforts to revive its automotive industry, said Trade Secretary Ramon Lopez.
A total of 12 investment agreements were signed on the sidelines of Duterte’s official visit here, which also covered agriculture and renewable energy. These are expected to generate 250,000 jobs, Lopez told reporters.
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