Manila (Philippine Daily Inquirer/ANN) - Fresh from a working visit to Japan, an exuberant Philippine President Benigno Aquino III announced a windfall of investment offers worth $5.45 billion, including the construction of a bioethanol facility and expansion of power plants.
Mr. Aquino reported a minimum $2.85 billion in new investments and $2.6 billion in yet-to-be-firmed-up business deals from Japanese investors whom he met in Yokohama before attending the Asia-Pacific Economic Cooperation (APEC) leaders' summit.
"What kind of message do I want to impart to our countrymen? Indeed the situation is getting better and better. More and more investors are making bigger investments in the country," he said in his arrival speech.
Instead of distributing their investments across the region, Japanese businessmen were pouring "30 to 40 percent" of their investments into the country, Mr. Aquino said.
"They recognize the Filipino's capability, and believe that we're going somewhere," he said.
Itochu is investing $122 million in the construction of a bioethanol plant in Isabela province.
Marubeni is allocating $1 billion for the expansion of the power plant in Sual, Pangasinan, another $1 billion for the power plant in Pagbilao, Quezon, and $600 million for the power plant in Calaca, Batangas.
Toshiba is setting aside $133 million for the expansion of its electronics products in the country.
Mr. Aquino especially raved about Itochu's plan to develop 11,000 hectares of sugar plantation in Isabela for bioethanol production that is expected to generate 18,000 jobs in two years and benefit 15,000 farmers.
"The beauty of this project is that 15,000 farmers will have jobs in a land that is idle," he said in his speech.
Marubeni's expansion of three major power plants is expected to boost the country's power capacity, according to Mr. Aquino.
"They're committing hundreds of megawatts. This surpasses our current reserves. Who wouldn't be happy about this?" he said.
Apart from the $2.85-billion investment offers, new "possible projects" are worth some $2.6 billion, the President said.
These include the expansion of the Metro Rail Transit Line 7, Light Rail Transit 2, and digital TV system and equipment.
