Philippines showcases economic potential to Japanese investors

The Bangko Sentral ng Pilipinas (BSP) teamed up with the country’s economic managers to spotlight the Philippines’ growth potential and expanding investment opportunities at the Philippine Economic Briefing (PEB) in Tokyo on June 21, 2024.

The event drew approximately 500 participants from Japan’s business community.

Under the theme “PH On-the-Go: Fast-Tracking Economic Progress,” Special Assistant to the President for Investment and Economic Affairs Frederick D. Go presented an optimistic view of the Philippines’ economic trajectory.

Go highlighted ongoing government initiatives aimed at building a resilient, inclusive, and sustainable economy.

“There is no better time than now for investors to consider being part of the Philippine growth story,” Go remarked.

Finance Secretary Ralph G. Recto, in his keynote address, underscored the strong bilateral ties between the Philippines and Japan, describing Japan as “the Philippines’ best friend in the region.”

Recto encouraged Japanese investors to participate in the Philippines’ growth narrative, citing the country’s potential to become a tiger economy. He noted that Japan is the largest investor in the Philippines’ economic zones, with 806 locator companies to date.

During a panel session on shaping a conducive macroeconomic landscape for investments, BSP Deputy Governor Francisco G. Dakila, Jr. shared updated forecasts on foreign direct investments (FDIs).

“We were initially projecting a USD9 billion net FDI position in the first quarter. We have upgraded that to USD9.5 billion,” Dakila said, explaining that this conservative projection is based on both global economic growth prospects and the Philippine government’s growth targets.

Dakila highlighted Japan’s significant role in Philippine FDIs, contributing an average share of 28.9 percent from 2019 to February 2024, second only to ASEAN economies.

The briefing featured two panel sessions.

The first, moderated by Nomura Philippines President Miguel Antonio L. Ozaeta, included discussions on economic programs and reforms by SAP Go, Finance Secretary Recto, Budget Secretary Amenah F. Pangandaman, Socioeconomic Planning Secretary Arsenio M. Balisacan, and Morgan Stanley MUFG Securities Managing Director Chiwoong Lee.

The second session, led by Trade Secretary Alfredo E. Pascual, focused on investment opportunities across various sectors such as manufacturing, transportation, healthcare, and information technology.

Pascual emphasized initiatives like the Strategic Investment Priority Plan, the Build Better More program, amendments to the Renewable Act, and the Regional Comprehensive Economic Partnership (RCEP).

The PEB also saw the participation of high-profile executives including Sumitomo Mitsui Financial Group President Toru Nakashima, Tsuneishi Holdings Corporation Chairman Kenji Kawano, and Tsuneishi Shipbuilding Co. Ltd. Chief Country Officer Hitoshi Kono. Philippine Ambassador to Japan Mylene J. Garcia-Albano was also present.

The event provided a vital platform to update the Japanese business community on the Philippines’ economic progress and the government’s efforts to attract more investments.