DTI official urges Japan business to invest in PHL now

The Philippines is ripe for Japanese business ventures, a trade official told investors at a forum in Japan. 

 

“Now is the right time for our Japanese friends and partners to come and do business in the country, and for those already operating there, expand your business,” Trade Undersecretary and Board of Investments Managing Head Adrian Cristobal Jr. said during the Philippine-Japan Business Investment Forum in Tokyo.

 

In the forum, Cristobal urged the Japanese businessmen to “seize opportunities in the Philippines to create wealth, generate jobs, and improve the lives of our peoples,” the Department of Trade and Industry said on Wednesday.

 

“The Philippine economy is a bright spot in the region,” Cristobal said, citing improved governance, political reforms, strong macroeconomic fundamentals, improved competitiveness ranking, and industrial peace.

 

The Trade official also pointed out the benefits and advantages in trade preferences with the European Union and the US under its generalized system of preferences.

 

“By setting up manufacturing facilities in the Philippines, Japanese companies may avail of the duty-free market access to the EU and the US, including products which are key export interests of Japan,” he said.

 

Products exported by Japan covered by the EU and US GSP – with tariff differentials if produced in the Philippines – include bicycles, ball bearings, motorcycles, gear boxes, and pneumatic tires.

 

This year, bicycle maker Shimano invested ¥3.5 billion to access the EU market through the Philippines.

 

Under the GSP+ status, exporters of footwear and textile, preserved fruits, pineapple juice, jams, and jelly that are targeting the European market may find opportunities in the Philippines, Cristobal said.

 

“We are in fact the only country in ASEAN to enjoy this preferential treatment,” Cristobal noted.

 

The Trade official also met with car and car parts makers in Japan to brief them on the country’s Manufacturing Resurgence Program (MRP) and the Comprehensive Automotive Resurgence Strategy (CARS) Program which aim to increase the country’s annual automotive production level at 200,000.

 

“The Philippine government aims to enhance the competitiveness of its automotive industry not only to keep pace with its growing market but also to seize a bigger share of the regional automotive manufacturing industry in the near future,” the Trade and Industry Department said.

 

Japan’s Ministry of Economy, Trade and industry (METI) is leading a delegation of Japanese companies to look at prospects in the health industry including the medical device manufacturing, training, information technology (IT) services outsourcing, and research and consultancy, the department said. – Jon Viktor D. Cabuenas/VS, GMA News