Manila, Metro Manila, Philippines (AHN) – President Benigno Aquino III returned to the Philippines Monday, bringing with him at least $2.85 billion in investments from Japan. Another $2.6 billion in other investments in businesses that are in preparatory stages will likely follow.

The investments are the fruit of Aquino’s meeting with officials of three large Japanese firms -Marubeni, Toshiba and Itochu–whom the president met while attending the Asia-Pacific Economic Cooperation summit in Yokohama.

Itochu plans to invest $122 million to develop 11,000 hectares of sugar plantation and build a bio-ethanol plant in Isabela. The planned venture has the potential for employing 18,000 workers in two years and benefitting 15,000 farmers, Aquino said.

Toshiba will invest $133 million to expand the production in the Philippines of its electronic products.

Marubeni will build three coal-fired power plants in Sual, Calaca and Pagbilao, which cost $2.6 billion. To signify the company’s seriousness in its plans, Marubeni had already inked a letter of intent with Philippine government representatives, the president disclosed.

Among projects still in the blueprint stage are the expansion of two commuter train lines and the construction of a liquefied natural gas facility.

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