THE Philippines has various opportunities that can be offered to interested Japanese firms such as its workforce and policies, the Japan External Trade Organization (JETRO) said.
“The Philippines still has much to offer to Japanese companies,” JETRO Executive Director Kazuo Nakamura said during the information session organized by the Board of Investments (BoI) on Aug. 19.
“Apart from the young and English-speaking workforce which is one of the many reasons why the Philippines remains to be an attractive investment destination for Japanese, the Philippines remains an attractive investment destination with its business-friendly environment and game-changing, liberalized laws and policies,” he added.
Mr. Nakamura was referring to policies such as the amendments to the Retail Trade Liberalization Act, the Foreign Investment Act, and the Public Service Act. These measures seek to further open up the country’s economy to foreign investors.
Tomohiro Ando, JETRO Manila investment and economic partnership agreement advisor, said that the quality of employees in the Philippines is better compared with those of other countries.
“Human resources are one of the assets of the Philippines in attracting Japanese investors,” Mr. Ando said.
Meanwhile, BoI Director Maria Rosario J. Dominguez said that it is important for the Philippines to consult stakeholders as part of enticing more investments.
“We must get as much information from our stakeholders to help us direct our efforts and judiciously tap resources in eyeing and getting quality investments in priority and focused sectors which will impact the investment landscape of the Philippines,” Ms. Dominguez said.
JETRO is a Japanese government-related organization that aims to promote mutual trade and investment between Japan and other countries. It also seeks to promote Japanese exports in other countries and to help small- and medium-sized Japanese firms in maximizing their global export potential.
Japan is among the third country with the biggest approved foreign investments in the second quarter of 2022, at P6.51 billion, only trailing the Netherlands at P19.04 billion and Singapore at P15.89 billion, based on data from the Philippine Statistics Authority. — Revin Mikhael D. Ochave