AWED. Japanese Prime Minister Shinzo Abe claps as he witnesses the presentation of at least 1,700 students of the Mindanao Kokusai Daigaku in Davao City during his visit to the school on Friday, Jan. 13. Beside him is Japan’s First Lady, Madame Akie Abe. (Paulo C. Rizal/davaotoday.com)
DAVAO CITY, Philippines—The government’s key economic officials pitched in several points to entice Japanese investors during the Philippines-Japan Business Forum held at the Waterfront Insular Hotel on Friday, this city.
Trade and Investment Secretary Ramon Lopez said the Philippines is a potential investment destination in Asia because of its strategic location.
“It (the Philippines) is the fastest growing economy posting 7.1 percent. There’s a manufacturing company revival wherein manufacturing has been growing over 8 percent higher than the services sector. Services also continued to grow by 6.9 percent. Allot of positive indicators has been stable…improving our ranking in the competitiveness, business confidence is on the rise and many other positive macroeconomic indicators – have been there,” he said in his presentation before the key Japanese government officials and senior business executives.
Apart from presenting the country’s strong economic points, Lopez said the country has also laid out the Comprehensive National Industrial Strategy where 12 priority sectors have been identified to have “comparative advantage” for which the country will be known for.
The trade official claimed that Philippines is becoming an economic “sweet spot,” attributing this to its strategic location as a gateway to 620 million combined market population of ASEAN region and five other important trading partners.
Lopez said the forum would enable both investors to network and discuss viable business opportunities for a stronger economic ties as he pitched the country’s marketability.
“If you sum up the population of all those countries in ASEAN, plus six other countries, it is already one-half of the world’s population, and it covers 1/3 of the world’s economy,” he said, noting that young Filipino nation will propel the country’s economy.
“If you imagine, many of these young population are empowered, educated, and with purchasing power, in effect, you will have a wider base for consumers and since they are young, it will take many years for us to enjoy and even grow further this consumer base that we have,” the trade official added.
Philippine Economic Zone Authority Director General Charito Booc Plaza presented the current business climate in the country with the hope of enticing Japanese investors.
“The Philippines has shown dramatic improvements in business climate. In the end result, PEZA is a shining example of successful regulatory reforms improving over-all all the business climate across the country,” Plaza said.
Plaza is one of the authors of the Special Economic Zones Law that created PEZA, an agency attached to the Department of Trade and Industry. She is also the principal author of Republic Act 7901 that created the Caraga Region.
In her presentation, of the nine nationalities that invested locally in the country from 1995-2015, Japanese investors topped with 29.7 percent, followed by Filipino with 22.31 percent, American with 15.34 percent, Dutch with 11.85 percent, British with 11.85, Korean with 3.71 percent, Singaporean with 3.29 percent, German with 1.57 percent, Taiwanese with 0.89 percent, Swiss with 0.88 percent and other nationalities with 2.88 percent.
“PEZA right now is the sole economic agency authorize that is authorize to establish many economic zones nationwide and we have the best incentives so far,” Plaza said.
For his part, Mindanao Development Authority Secretary Datu Abdul Khayr Alonto, has called the visit of Prime Minister Shinzo Abe and delegation of Japanese officials and business leaders as “historic.”
“The visit does not only rekindled the historic ties shared between Davao City and Japan, but has brought the Philippine-Japan relations to a new level, one founded on shared aspiration for Mindanao’s peace, progress and formation,” Alonto, in his presentation, said.
Speaking before the Japanese investors that Mindanao “is open and ready for business”, thus a viable investment destination.
Alonto also shared about the key strategies under Minda’s Mindanao Corridors Development Plan and lauded the continued support of Japan thru Japan International Cooperation Agency. (davaotoday.com)
