Marcos’ economic managers to woo Japanese investors

The Marcos administration’s economic managers are set to lure Japanese investors with the Philippines’s robust economic performance last year.

In a statement on Thursday, the Department of Budget and Management (DBM) said the government’s economic team is set to conduct the Philippine Economic Briefing (PEB) in Tokyo, Japan as part of President Ferdinand Marcos Jr.'s official visit from February 8 to 12, 2023.

The DBM said the PEB, scheduled on February 10, “will have the country’s economic managers discussing investment opportunities in the Philippines.”

In particular, Finance Secretary Benjamin Diokno will discuss the country’s economic performance and outlook.

In 2022, the Philippine economy as measured by gross domestic product (GDP) —total value of goods and services produced in a specific period— grew 7.6%, the highest growth rate since 1976 when the economy accelerate by 8.8%.

In peso terms, the Philippine economy is valued at P22.02 trillion in 2022, according to the Philippine Statistics Authority.

Marcos is in Japan for a five-day official working visit during which the President is expected to engage in bilateral meetings with Japan’s business leaders.

BOOSTING TIES

The chief executive’s Japan trip seeks to further strengthen the strategic partnership between the Philippines and Japan, including economic and defense cooperation.

The administration’s economic team includes Diokno, Department of Budget and Management (DBM) Secretary Amenah Pangandaman, Bangko Sentral ng Pilipinas (BSP) Governor Felipe Medalla, National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan.

The DBM said that Budget Secretary Pangandaman is expected to highlight the important features of the Fiscal Year 2023 General Appropriations Act (GAA), updates on Expenditure Accounts, Budget Reforms Initiatives, and the Marcos administration's Priority Legislative Agenda.

The PEB will also tackle the infrastructure and industry sectors by secretaries of the Department of Trade and Industry (DTI), Department of Public Works and Highways (DPWH), Department of Tourism (DOT), and Department of Transportation (DOTr).

Marcos will deliver the keynote address, according to the DBM.

There will also be roundtable meetings with corporate leaders, signing of letters of intent/agreements, a luncheon and networking event, and a meeting with business forum organizers, it added.

Pangandaman said that previous PEBs have generated positive response from international business leaders and investors.

The Marcos administration’s economic team has so far conducted three PEBs —Frankfurt and London last January; and Singapore, and the United States in 2022. -VAL, GMA Integrated News