PRESIDENT Rodrigo Duterte has secured $1.85 billion in investment pledges from Japanese firms in Tokyo.
The commitments include those from Toyota Motor Corp. and Mitsubishi Motors to build subcompacts in the Philippines, trade chief Ramon Lopez bared yesterday.
It was reported that the two auto giants’ decision to build Vios and Mirage models will boost Manila’s efforts to revive its automotive industry.
A total of 12 investment agreements were signed on the sidelines of Duterte’s official visit which also covered agriculture and renewable energy.
The pledges are expected to generate 250,000 jobs, Lopez said.