PNoy to meet officials of three big Japanese firms

TOKYO, Japan – President Aquino is set to meet with officials of three big companies here – Itochu, Marubeni and Toshiba – to discuss possible investments in the Philippines.

Marubeni is Japan’s fifth-biggest trading firm while Itochu is a leading Japanese “sogo shosha” (general trading company), along with Mitsui & Co. and Mitsubishi, and has business interests in such diverse areas as aerospace, equipment manufacturing, food distribution and clothing production. It also has interests and operations in chemicals, energy and mining, financial services and retailing. The conglomerate has more than 150 offices in about 75 countries and operates through its approximately 500 subsidiaries and affiliated companies around the world.

Toshiba is one of Japan’s global electronics giants along with Sony, Panasonic and Sanyo.

The President arrived here last night with a 51-member delegation.

On Wednesday, he disclosed that the three corporations were planning to invest in the Philippines.

“I understand there are several billion dollars worth of investments bigger that what we have brought from America,” he said.

Malacañang said it was spending an estimated P16.34 million for Aquino’s five-day trip here for the business meetings and the 18th APEC Economic Leaders’ Meeting.

According to Executive Secretary Paquito Ochoa Jr., the amount covers the costs of accommodations, transportation, food, and commercial airfares of the 51-man delegation accompanying the President for his first participation in the meeting of Asia Pacific Economic Cooperation (APEC) leaders in Yokohama from Nov. 12 to 15.

Ochoa said that Malacañang staff had already adjusted to the President’s penny-pinching ways.

“Everyone is conscious about the President’s desire to cut back on unnecessary expenses, so support staff are aware that they have to trim back their numbers to the barest minimum to perform their tasks during the trip,” Ochoa explained.

According to the Executive Secretary, other stringent measures are also uniformly applied to other government personnel who seek clearance to travel abroad.

“Only agency heads, for example, are allowed to use business class for commercial flights abroad––and only on long-haul flights to destinations like the United States,” he said. “For shorter flights, everyone has to fly economy.” 

Cabinet officials accompanying the President in Japan include Foreign Secretary Alberto Romulo, Finance Secretary Cesar Purisima, Energy Secretary Rene Almendras, Presidential Management Staff head Julia Abad, and Presidential Communications Development and Strategic Planning Office Secretary Ricky Carandang.

The APEC is a forum for 21 Pacific Rim economies that seeks to promote free trade and economic cooperation throughout the Asia-Pacific region. APEC members account for approximately 40 percent of the world’s population, approximately 54 percent of world gross domestic product and about 44 percent of world trade.