MANILA, Philippines - Capitalizing on the presence of top business executives from Japan, Trade Secretary Ramon Lopez wasted no opportunity inviting more Japanese businessmen to invest in the Philippines and take advantage of the country’s robust economy.
The trade chief made his business pitch to the Japanese business delegation which accompanied Japanese Prime Minister Shinzo Abe during his two-day trip to the country.
Lopez said the Japanese business delegation consists of CEOs and chair of major companies such as Marubeni, Mitsubishi, Itochu, Sumitomo, Toyota, Sumifru, Mizuho and Nakayama, as well officials of the Japanese business chamber.
During his presentations in Malacañang on Thursday and at the Davao business forum yesterday, Lopez explained why the Philippines should be a top of mind investment and trade partner for Japan.
“For starters, let me reiterate the open policy of the whole government towards investment. We welcome all foreign investments in almost all areas of activities except for a short negative list which have limited foreign equity participation. But the rest are open,” Lopez told the Japanese business delegation.
“We have the Board of Investments under our department that issues annually the Investment Priorities Plan which lists down the preferred areas of activities that can be entitled to income tax holidays and duty-free importation of capital equipment. We also have the Philippine Economic Zone Authority that can grant tax holidays for ecozone developers and locators,” he added.
Lopez also presented the country’s growth trajectory and investment opportunities in the Philippines.
He said the Philippines should be a great trade and investment partner for Japan bewwwcause of its growing and stable economy, improved competitiveness and investment grade, its strategic location in Asia, demographic sweet spot, and human capital advantage.
He likewise noted several key programs the current administration is undertaking, particularly the 10+1 economic agenda of President Duterte and the Comprehensive National Industrial Strategy.
During his visit Abe has committed a one-trillion-yen aid package for the Philippines.
Lopez said the amount may have been the biggest official development assistance the country has received to date, even larger than the $6 billion pledged by China in November last year.