Wednesday, April 24, 2024

Delivering Stories of Progress


Phl goes to Japan for business mission, strengthens economic ties

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Aa committed by the Japanese Ambassador to the Philippines KOSHIKAWA Kazuhiko that Japanese firms are confident in doing business in the Philippines and will continue to keep an eye on the country as their investment destination, the Philippines held a business mission on February 19, 2024 to boost economic ties between the Philippines and Japan.

Backed by the Philippine Board of Investments (BOI) and the Osaka Chamber of Commerce and Industry (OCCI), the mission launched the ASEAN-Japan Business Platform, a joint initiative led by the OCCI and the Philippine Chamber of Commerce and Industry (PCCI).

The mission included a dialogue between DTI Secretary Fred Pascual and a Japanese company, alongside a visit to Fastech Synergy Philippines, Inc. for valuable business insights. Secretary Pascual expressed enthusiasm in strengthening the enduring bond between the Philippines and Japan’s business community.

“We are optimistic about the future with our Japanese partners participating in the industrialization process. I’d like to reaffirm the Philippine government’s commitment to creating an inclusive business environment, particularly for foreign investments,” said Secretary Pascual.

Philippine Consulate General Osaka Commercial Counselor and PTIC Director Michael Alfred Ignacio remains dedicated to facilitating meaningful engagements and fostering closer ties between the Philippines and Japan.

“We are pleased with the outcomes of this mission which deepens economic collaboration between the Philippines and Japan, particularly in our primary goal of integrating Japanese small and midsize enterprises (SMEs) into the Philippine manufacturing supply chain and industrial ecosystem,” said Director Ignacio.

The business mission strengthens the country’s competitive advantage as a prime investment destination in Asia. Furthermore, the participation and investments from SMEs in Western Japan contribute to the Philippines’ bid for a complete manufacturing supply chain and industrial ecosystem.

“This mission marks a crucial step in showcasing the Philippines as an attractive investment destination and fostering collaborative efforts for mutual economic growth. We are committed to build lasting partnerships that will benefit the Osaka business community and our counterparts in the Philippines,” said OCCI Chairman Shingo Torii.

Meanwhile, the OCCI and the Philippine Chamber of Commerce and Industry (PCCI) inked a memorandum of understanding (MOU) to launch the ASEAN Business Promotion Platform. The MOU provides channels for business cooperation, collaboration, and support for its substantial membership base, comprising around 30,000 SMEs in the Osaka Prefecture.

As of December 2023, the DTI recorded 148 investment projects at various stages totaling USD 72.2 billion. Of these, 46 or 20% of the total pledges are already actualized, valued at USD14.2 billion. This indicates that projects are operational, registered with DTI’s Investment Promotion Agencies (IPAs), or have commenced implementation.

Among these successful projects, Japan stands as one of the most significant sources of investment, contributing to 21 realized projects.

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