THE Japan External Trade Organization (JETRO) said that it will enhance cooperation on trade and investment with the Philippines, after its economic road show was positively received by potential Japanese investors.
In a letter to Finance Secretary Carlos G. Dominguez III, JETRO Executive Vice-President Yuri Sato said that the Philippine Economic Briefing 2017 in Tokyo on Sept. 26 was “successful.”
“With seven key Cabinet members of the Philippine government presenting their commitment to Japanese investors regarding deregulation of foreign direct investment and tax reform, the briefing received high praise from participants,” Sato said in his letter.
“JETRO will continue its efforts to increase cooperative activities between the Philippines and Japan. We would appreciate your continued kind support and encouragement,” he added.
JETRO is an independent Japanese government-related organization that works to promote mutual trade and investment between Japan and the rest of the world. It hosted a luncheon session following the briefing.
Those who led the briefing were Mr. Dominguez, Socioeconomic Planning Ernesto M. Pernia, Budget Secretary Benjamin E. Diokno, Public Works Secretary Mark A. Villar, Transportation Secretary Arthur P. Tugade, Bangko Sentral ng Pilipinas Governor Nestor A. Espenilla, Jr., and Executive Secretary Salvador C. Medialdea.
During the briefing in Tokyo, the Cabinet officials had cited the “robust and mutually beneficial relationship” between Manila and Tokyo over the past six decades.
The officials said that potential investors in infrastructure and transportation sectors are welcome, with the Philippines planning to spend $160-$170 billion over the next five years.
They added that spending will be accompanied by fiscal discipline, with a view towards improving the manageability of government debt.
The officials also noted that financial stability has provided an enabling and conducive environment for rapid and sustainable economic growth.
Mr. Dominguez and other members of a Cabinet-level delegation also took part in the 3rd Philippines-Japan High-Level Meeting of the Joint Committee on Infrastructure Development and Economic Cooperation.
In the meeting, Mr. Dominguez said officials of the two countries agreed to further streamline their respective approval processes and introduce new measures to put in the fast lane the implementation of big-ticket infrastructure projects presented by Manila to Tokyo for possible financing.
Japan was the country’s second largest trading partner in 2016, accounting for total trade of $21.552 billion or 15.2% of the country’s total trade. — Elijah Joseph C. Tubayan
