The Philippine delegation, led by Finance Secretary Ralph Recto, met with the largest Japanese economic organizations to secure more investments.
“In the Philippines, you are in the right place, at the right time, with the right partners, and the right opportunities to win big,” Recto said during the High-Level Courtesy Meeting and Roundtable Discussion between the Philippine Delegation and the Kankeiren Executive Committee on Thursday in Osaka, Japan.
The high-level meeting served as a platform to demonstrate the Philippine government’s strong commitment to deepen partnership with Japan’s top business leaders.
The Philippine team was composed of Department of Economy, Planning, and Development (DEPDev) Secretary Arsenio Balisacan; Department of Trade and Industry (DTI) Secretary Ma. Cristina Roque; Department of Energy (DOE) Secretary Sharon Garin; and senior officials from the Department of Budget and Management (DBM), Department of Public Works and Highways (DPWH), Department of Transportation (DOTr), and the Bangko Sentral ng Pilipinas (BSP).
Led by chairperson Masayoshi Matsumoto, the Kansai Economic Federation (Kankeiren), meanwhile, represents approximately 1,300 members, including Japan’s most prominent conglomerates, multinational corporations, and small and medium enterprises (SMEs), spanning advanced manufacturing, electronics, energy, infrastructure, finance, and digital innovation.
The Department of Finance said that during the meeting, Recto hailed Japan as one of the Philippines’ longest and strongest partners in growth, citing the country’s two “A-” investment-grade ratings from Japanese credit rating agencies.
“This is your vote of confidence in our fiscal management, our investment climate, and our growth trajectory — and we intend to keep earning it,” he said
He assured Japanese investors that the Philippine government implemented reforms to make the country one of the most attractive destinations for foreign investments in Asia.
One of these is the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act, which provides a more competitive and generous package of fiscal and non-fiscal incentives and exempts export-oriented enterprises from value-added tax.
Recto said the Philippines is also one of the fastest-growing economies in the world and underscored the Philippines’ demographic sweet spot, with a median age of just 25 years old, offering Japan a unique strategic opportunity to form a powerful demographic partnership.
“Paired with Japan’s median age of 49, together we can form a powerful demographic partnership: your capital and technology, our talent and market,” he said.
The Philippine delegation is currently in Osaka to convene the Philippines-Japan High-Level Joint Committee Meeting on Infrastructure Development and Economic Cooperation.
The delegation will meet with their Japanese counterparts, led by Dr. Mori Masafumi, Special Advisor to the Prime Minister of Japan, to review progress on big-ticket infrastructure projects financed by Japan and ensure their timely and successful delivery.
They are also set to engage with Japan’s top investors through high-level one-on-one meetings and the Philippine Economic Briefing to secure financing support for the Philippines’ big-ticket infrastructure projects and to attract more Japanese investments. (PNA)
