Japanese Ambassador : PHL Still Lucrative Market For Japanese investors

Japanese Ambassador : PHL Still Lucrative Market For Japanese investors

 

The Pandemic has not deterred the Japanese investors in investing to the Philippines, this according the Philippines’s ambassador to Japan Jose Laurel said.

“Based on my experience as Philippine ambassador to Japan, I can see that the Japanese continue to be excited about doing business in the Philippines. They see the Philippines as a lucrative market for Japanese products and services,” Laurel said at the Philippines-Japan Business Investment Virtual Forum 2020 organized by the Nikkei Group Asia

He said Japan’s continued interest in the Philippines will help the country in its recovery efforts to rise from the coronavirus disease 2019 (Covid-19) crisis.

(photo credit to owner)


He added Filipino workers are highly regarded for their skills, making the Philippines as an attractive destination for Japanese investors.

Laurel also cited a study by Japan External Trade Organization (JETRO) indicating that as of 2017, around 1,502 Japanese companies were operating in the Philippines and employing some 320,000 Filipinos.

Sixty percent of these Japanese firms are export manufacturers. They exported USD13.3 billion worth of products, accounting for 26 percent of Philippine merchandise export back in 2017, the envoy added.

During the official visit of President Rodrigo Duterte to Japan in May 2019, the Philippine delegation bagged 26 business deals amounting to USD5.5 billion.

These business agreements are expected to create 82,737 new jobs.

 

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