PHL, Osaka forge stronger economic ties

By Francis Allan L. Angelo

In a move set to strengthen economic ties between the Philippines and Japan, the Department of Trade and Industry (DTI) Secretary and Board of Investments (BOI) Chairman Alfredo E. Pascual welcomed a delegation from the Osaka Chamber of Commerce and Industry (OCCI) on February 19, 2024.

The delegation was led by Mr. Shingo Torii, Chairperson of OCCI and Vice Chairman of Suntory Holdings Limited, reflecting the growing partnership between the two economies.

During the meeting, Pascual emphasized the readiness of the Philippine government to provide full support for the growth and expansion of Japanese businesses within the country.

“The Philippine government stands ready to provide unwavering support, ensuring the growth of your businesses within our borders and facilitating access to key markets not only domestically but also across the region and the globe,” he stated, signifying the importance of this collaboration.

This courtesy call followed the signing of a Memorandum of Understanding and the launch of the ASEAN-Japan Business Promotion Platform with the Philippine Chamber of Commerce and Industry (PCCI).

The initiative aims to position the Philippines as an attractive investment destination for Japanese companies, fostering collaborative efforts for mutual economic growth.

“We are very happy that you are here to foster a long-standing partnership between your chamber and the Philippines. We hope to be able to promote the Philippines as an important investment destination for Japanese firms,” Pascual said to the visiting officials.

Pascual also highlighted the increased interest from Japanese firms in investing in the Philippines, particularly in manufacturing.

The goal is to bring supply chain participants to complete the ecosystem for manufacturing Japanese products, a move that promises to enhance the industrial capabilities of the Philippines.

Pascual further expressed optimism about the future industrialization of the country with the help of Japanese partners.

“We are optimistic about the future with our Japanese partners participating in the industrialization process. I’d like to reaffirm the commitment of the government for an inclusive business environment, particularly for foreign investments,” he added.

Mr. Shingo Torii praised the efforts of the Philippine government to attract foreign investors and underscored the importance of focusing on the expanding startup sector in the Philippines.

With the strong partnership of DTI and OCCI, there is a concerted effort to enhance the participation of Osaka-based companies in the Philippine manufacturing sector and its supply chain.

Osaka-based corporations such as Showa Spring Co. Ltd, OB Kogyo, Ltd., Nipro Corporation, Sharp Corporation, and Panasonic Corporation have already established a presence in the Philippines.

These companies are engaged in manufacturing and sales of various products, ranging from component parts to consumer electronics, highlighting the diversity and potential of the collaboration.

Trade Undersecretary Ana Carolina P. Sanchez conveyed her anticipation of engaging more small and medium enterprises from Japan, aiming for further success stories about investing in the Philippines.

The visit included a business mission facilitated by the Philippine Trade and Investment Center (PTIC) in Osaka, which featured an official engagement between OCCI and PCCI.

The Philippine desk of the ASEAN-Japan Business Promotion Platform was launched, signifying a commitment to fostering economic partnerships with ASEAN countries, including the Philippines.

In a tangible demonstration of this partnership, the OCCI delegation also participated in a company briefing, site visit, and factory tour at Fastech Synergy Philippines, Inc.

These engagements are strategically designed to promote business matching engagements between Japanese and Philippine companies.

The series of engagements, meticulously organized by PTIC Osaka, aligns with the DTI/BOI’s mandate to generate investments and enhance Japanese companies’ participation in the Philippine manufacturing supply chain and industrial ecosystem.

OCCI, established in August 1878, represents a significant economic force in the Osaka-Kansai region with over 31,475 member companies. It is committed to revitalizing the economy, transforming industrial structures, and enhancing international competitiveness.

The strengthened partnership between the Philippines and Osaka is a clear indication of the burgeoning economic relations and shared interests in the region’s prosperity.

With the Philippine government’s commitment and the proactive approach of OCCI, this alliance is set to unlock new opportunities for growth, investment, and innovation, benefiting both economies and setting a precedent for international economic collaboration.