FINANCE Secretary Ralph G. Recto assured Japanese investors of the Philippine government’s commitment to address corruption even as the country grapples with over P118 billion lost to anomalous flood control projects annually since 2023.
“[Y]ou will be welcomed by a government that is not only transparent and guided by good governance but is decisive and unafraid to act and address corruption. We will continuously earn your trust and confidence by protecting your investments and delivering on our promises,” he said in a statement on Friday.
Mr. Recto said this during the Philippine Economic Briefings held in Osaka, Japan, which was gathered more than 280 Japanese investors and guests.
The Philippine government has launched a corruption probe in public works, particularly in anomalous flood control projects.
Last week, President Ferdinand R. Marcos, Jr. has issued Executive Order No. 94 to form the Independent Commission for Infrastructure to probe the public works covering past 10 years ago.
“Our goal is simple: to dramatically increase the footprint of the 3,018 Japanese-owned projects already thriving in the Philippines, most of which are in the manufacturing sector,” Mr. Recto said.
In a separate statement, the Department of Finance (DoF) said the Philippine delegation met with senior executives of top Japanese companies, namely Sojitz Corp., Mitsui & Co, Koshidaka Holdings Co., Ltd., and Marubeni Corporation.
“In February 2025, Koshidaka’s Board approved the establishment of a 100%-owned Philippine subsidiary that will spearhead the group’s ASEAN (Association of Southeast Asian Nations) expansion, leveraging the Philippines’ deep cultural affinity for karaoke, its strong youth demographic, and its growing middle-class leisure spend,” the DoF said.
The DoF said the initial rollout will be in Metro Manila, with the first Karaoke Manekineko outlet scheduled to open by 2026, and an expansion plan of up to 100 outlets nationwide over the long term. — Aubrey Rose A. Inosante