MANILA – Japan and the Philippines have agreed to agricultural investments "in the vicinity" of $1 billion, or close to P48 billion, for the Philippines, Agriculture Secretary Emmanuel Piñol said Wednesday evening.

The amount includes a biomass project in Negros Occidental, as well as agreements for the Philippines to export bananas, pineapples, and avocados to Japan, Piñol said in a phone interview on ANC "Business Nightly".

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The Philippines is also exploring a long-term loan from Japan to finance an agricultural mechanics program in the country. The Philippines hopes to buy farm equipment, post-harvest facilities, tractors, and rice mills from Japan.

Piñol said that at a business forum, he spoke with prospective Japanese investors on the production of goods using Philippine agricultural products such as rubber.

“[Our discussion] was not just on agricultural revival. Some solid agreements were already made, and signed in behalf of the Department of Agriculture and the Philippine government,” he said.

However, he added that the Chinese commitment may still be bigger than that of Japan.

Piñol earlier said China offered to help the Philippines increase its food production.