Marcos pushes jobs, transport and energy projects in Mitsubishi talks

PHILIPPINE President Ferdinand R. Marcos, Jr. on Monday met with Mitsubishi Corp. President and Chief Executive Officer Katsuya Nakanishi to discuss potential investments that could generate more jobs, improve railway systems and expand energy projects.

“These efforts will also strengthen digital services that make everyday transactions easier for Filipinos as we continue building a Bagong Pilipinas,” Mr. Marcos said in a social media post.

Palace Press Officer Clarissa A. Castro said the meeting also focused on enhancing digital services to streamline daily transactions for Filipinos.

“During the meeting, Mitsubishi reiterated its confidence in the country’s robust economy and its commitment to continued investment, particularly in energy, infrastructure, manufacturing, and the financial technology sector,” she said in a Palace briefing in Filipino.

“For the President, these moves by foreign investors signal sustained trust from major companies in the Philippines as an investment destination,” she added.

Mitsubishi Corp., Japan’s largest general trading and investment firm, operates across multiple sectors including environmental energy, materials solutions, mineral resources, urban development and infrastructure, mobility, the food industry, smart-life creation, and power solutions. Founded in 1954, it has a presence in over 120 countries.

Ms. Castro said the President also discussed the Comprehensive Automotive Resurgence Strategy (CARS) Program with the Japanese automaker.

While Mr. Marcos vetoed P4.32 billion in this year’s national budget for the government’s flagship automotive incentive program, the administration last month reiterated that it does not signal a withdrawal of support for the industry.

“The President assured, and even emphasized the importance of the CARS program and that there are funds allocated for the program,” she said.

Established under Executive Order No. 182, the CARS program was designed to draw fresh investment and revive the automotive industry by offering performance-based incentives.

So far, two manufacturers have enrolled: Toyota Motor Philippines Corp., which makes the Vios sedan, and Mitsubishi Motors Philippines Corp., producer of the Mirage hatchback and the Mirage G4 sedan.

Under the program, participating firms are required to manufacture 200,000 units of their registered vehicle model over a six-year period. — Chloe Mari A. Hufana