MANILA (AP) - The Philippines could lose more than US$4 billion in potential Japanese investments and huge numbers of jobs in the next four years if the Senate fails to ratify a free-trade deal with Tokyo, officials said Tuesday.
President Gloria Arroyo and former Japanese Prime Minister Junichiro Koizumi signed the accord last September to bolster trade and investment. But a slew of fears, including allegations it would allow the entry of toxic waste, promises to give it rough sailing in the opposition-dominated Senate.
Philippine officials submitted the Japan-Philippines Economic Partnership Agreement to the Senate for ratification in November, but no action was taken due to a lack of time. Arroyo's government will seek approval by the new Congress soon.
Several Japanese firms have expressed interest in investing at least US$4 billion in the local automobile, textile and food processing industries in the next four years as soon as the accord is ratified, Trade Undersecretary Elmer Hernandez said.
Those investments would generate about 331,485 jobs, he said.