Philippine economic managers court Japanese businesses with manufacturing, Build, Build, Build opportunities

With less than a year left before the end of President Rodrigo Duterte’s term, economic managers on Tuesday held an economic briefing in a bid to woo more Japanese investors into the country, and possibly participate in its ambitious infrastructure program.

According to Trade Secretary Ramon Lopez, the country has continued to enjoy friendly relations with Japan, which remains one of the Philippines’ biggest trading partner and investor.

“The country is ready to make it happen for Japanese manufacturers that rely on innovative product design, high quality standards, and world-class manufacturing workforce,” he told Japanese businessmen.

“There is a wide scope of business opportunities for prospective and existing Japanese investors, particularly in manufacturing, construction, and renewable energy, among others,” he added.

In terms of manufacturing, Lopez said that among opportunities for Japanese businesses are those in electronics and semiconductors, medical devices, and agribusiness.

“Let me reiterate that we welcome more Japanese investments in infrastructure projects where there is government push through President Rodrigo Duterte’s Build, Build, Build,” he added.

Under the ambitious spending program, the administration targets to spend P4.7 trillion on infrastructure projects across the country. The list of the projects have been revised several times, along with the target amount which was originally pegged at P8.2 trillion.

Prior to the COVID-19 pandemic, Presidential Adviser for Flagship Programs and Projects Vivencio Dizon said the goal is to break ground for all 100 infrastructure projects by the end of Duterte's term, with 30% completed by then.

“With decades-long friendship and partnership, Japan has continued to be one of the country’s biggest trading partner and investor. This remained unscathed throughout the years and through the pandemic,” said Lopez.

Socioeconomic Planning Secretary Karl Kendrick Chua said that while infrastructure spending slowed in 2020 due to the pandemic, this is programmed to further increase to 5.6% of the gross domestic product in the coming quarters.

“Japan is one the Philippines’ key partners in our infrastructure Build, Build, Build program,” he said, noting that Japan contributed around $11 billion in 2020 alone.

Among Japanese-supported projects are the New Bohol Panglao Airport, the Central Luzon Link Expressway (CLLEX), the Metro Rail Transit 3 Rehabilitation Project, the Metro Manila Subway Project, and the North-South Commuter Rail (NSCR).—AOL, GMA News