8 Japan firms eye investments in Phl

MANILA, Philippines - At least eight Japanese companies are considering making an investment in the Philippines given the country’s positive economic conditions, the Trade department said.

Trade Secretary Gregory Domingo said in a text message that more than eight Japanese firms expressed interest to invest here during his visit to Tokyo for the Association of Southeast Asian Nations (ASEAN) – Japan Summit last week.

“Many indicated (interest to invest) from power to plastic molded parts, to banking to auto and more,” he said.

Domingo, however, did not reveal which Japanese firm had expressed interest in investing.

The Philippines is being seen as an attractive destination for investments by Japanese firms and other foreign companies amid its favorable economic conditions, good governance efforts and available skilled work force.

To sustain and make the Philippines’ economic growth more inclusive through the creation of more jobs, the Department of Trade and Industry is actively promoting the country as an investment destination.

The ASEAN-Japan Summit, which was held to discuss and explore strategies to effectively implement the ASEAN-Japan strategic roadmap for growth, also served as a venue for the government to encourage more investors to come here as well as look at how it could further increase trade with Japan.

Under the ASEAN-Japan strategic roadmap, the goal is to double the flow of goods, services and investments between the two from 2012 to 2022.

During the summit, Southeast Asian countries and Japan agreed to boost economic and security ties.

President Aquino said earlier that during his visit to Tokyo for the ASEAN-Japan Summit, several Japanese firms pledged or extended assistance to the Philippines for the rehabilitation efforts in areas damaged by Super Typhoon Yolanda.

Japan is among the top sources of foreign investments approved by the Philippines’ investment promotion agencies last year, accounting for the second largest share or 23.9 percent, amounting to P69 billion.

Japan is also the Philippines top export market, with outbound merchandise shipments to that country valued at $9.88 billion in 2012.

In terms of imports, Japan is the Philippines’ third biggest source with total imports for 2012 amounting to $6.45 billion.