The Japanese Embassy in Manila said there is an increased interest among Japanese companies to explore opportunities in the Philippines owing to the country’s steady growth and policy reforms.

Speaking at the Japanese National Day reception in Taguig City on Thursday, Japanese Ambassador Endo Kazuya specifically welcomed the enactment of CREATE MORE or the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy Act.

“In the area of economy, the Philippines continues its steady growth, foreign investment restrictions have been eased, and Japanese companies are increasingly interested in the Philippines,” Japanese Ambassador Endo Kazuya said.

In consumer retail, Endo said Japanese brands have also expanded presence in the country, including Uniqlo, Daiso, and furniture and interior company NITORI.

The Philippines aims to attract more local and foreign investors through the CREATE MORE by making its tax incentives regime more globally competitive, investment-friendly, and predictable.

The law was enacted in November and its implementing rules and regulations (IRR) was signed on Feb. 17.

The envoy, meanwhile, said Japan would continue working with the country to enhance economic cooperation, underscoring the Japan-backed infrastructure projects such as the Metro Manila Subway, the North-South Commuter Railway, and the Davao City Bypass.

The envoy said he also expect more Filipino investments into Japan as bilateral relations with the country grows.

“In the medium to long-term, I expect that investment from the Philippines to Japan will also increase as Filipino food and services reach more appreciators in Japan, leading to our mutual economic relations’ deepening,” he said.

On top of growing economic ties, Endo cited the increased two-way tourism between the Philippines and Japan.

In 2024, he said that over 800,000 Filipinos visited Japan. In the same year, a total of 388,316 Japanese traveled to the Philippines, making them the country’s top three source market for foreign visitors.

“With more than 800,000 Philippine nationals having already visited Japan last year, we hope that even more will visit Japan,” Endo said.

“With the expected transition to a Visa Center, we would like to further strengthen the visa issuance system at the Embassy.”

The embassy has yet to provide details about the new visa center, but said it aims to revitalize people-to-people exchange between Japan and the Philippines. (PNA)