PNoy eyes $1.1-billion Japanese investments

President Benigno Aquino III expects to bag $1.1 billion in investments from Japanese investors during his three-day working visit to Japan starting this Sunday, according to the Department of Foreign Affairs. Assistant Secretary for Asian and Pacific Affairs Maria Theresa Lazaro said the target is a “ballpark figure," citing the statement of Trade Undersecretary for Investments Cristino Panlilio. Aquino will meet with leaders of the powerful Nippon Keidanren or Japan Business Federation next Tuesday, Lazaro told reporters at a briefing Friday in Malacañang. “The President will also highlight the country’s strong economic performance and encourage continued Japanese investments in the Philippines, including through Japanese participation in infrastructure developments under the public-private partnership scheme," Lazaro said. The President arrived early Friday from a five-day working visit to the United States, where he met with business leaders and foreign affairs influentials. Meetings with the Japan-Tokyo Chambers of Commerce and Industry and the Japan Philippine Economy Cooperation Committee, as well as executives of top Japanese companies, are lined up for Aquino’s Japan visit. Several agreements with Japanese firms and institutions are scheduled for signing in Japan, with Aquino on hand to witness. Official development assistance Aquino and Prime Minister Yoshihiko Noda are scheduled to witness an exchange of notes on a 9.2-billion yen loan package covering forestlands management for the benefit of Philippine river basins and upland regions. “Basically, this was approved — of course — by NEDA, but this project covers about three regions: Regions II, III, and VI—or rather four regions—and the Cordillera," Alvarez said. Specifically, three river basins “with particular emphasis on the management — it is for disaster management — as well as tackling climate change," she said. “In fact, if I recall, this is a global facility which was given by Japan some years back and we were one of the few to be able to give this project that augurs well for climate change," the DFA official said. Japan has pledged to continue its official development assistance for the Philippines. “They will sustain the amount of overseas development assistance. It will not go a cent lower," Alvarez said. — VS/ELR, GMA News