The Philippines has pledged to protect Japanese investments, Finance Secretary Ralph Recto said, citing the strong reception from Japanese investors at a recent economic briefing in Osaka.
“You will be welcomed by a government that is not only transparent and guided by good governance but is decisive and unafraid to act and address corruption,” Recto said.
“We will continuously earn your trust and confidence by protecting your investments and delivering on our promises,” he said.
The Philippine Economic Briefing in Osaka drew more than 280 Japanese investors and guests, serving as a platform to showcase the country’s economic outlook and investment opportunities.
Recto cited the Philippines’ strategic advantages, including its strong economic fundamentals, expanding domestic market and young workforce.
“Osaka’s DNA is entrepreneurship. And we, too, are a nation of builders and innovators hungry for growth,” he said.
“This is why we believe that the hardy enterprises of this city can find a natural home in the Philippines,” said Recto.
The finance chief also assured investors that the government has undertaken “sweeping reforms” to make the country a more attractive destination for foreign investments in Asia.
A key reform is the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act, which provides a more competitive package of fiscal and non-fiscal incentives. The law also resolves a long-standing concern of Japanese exporters by exempting export-oriented enterprises from value-added tax.
Recto pointed to the success of Japanese companies already operating in the Philippines, such as Tsuneishi Group, which built the world’s first-ever methanol-powered bulk carrier in the country. This cemented the Philippines’ position as one of the world’s top shipbuilding nations.
Japan is the largest investor in the country’s economic zones, supporting operations that have generated over 320,000 jobs for Filipinos.
“Our goal is simple: to dramatically increase the footprint of the 3,018 Japanese-owned projects already thriving in the Philippines, most of which are in the manufacturing sector,” Recto said.
He said the Philippines is “very keen” to attract more top-tier Japanese companies to support the country’s “Build, Better, More” infrastructure agenda.
He mentioned firms like Shimizu Corporation, Mitsubishi Corporation and Sumitomo Group, which have helped develop the country’s railway and road projects.
As the Philippines and Japan mark 70 years of bilateral relations, Recto expressed confidence in forging stronger partnerships.
“Seven decades of trust is a powerful foundation. But the true measure of friendship is not how long it has lasted, but how far it can still go,” he said.
“I stand before you not only as a finance secretary, but as a salesman of a simple truth: Osaka’s spirit of innovation, matched with Filipino talent and drive, can forge a partnership that will shape the economic future of Asia,” he said.
The Philippine delegation included Department of Economy, Planning, and Development (DEPDev) Secretary Arsenio Balisacan; Department of Trade and Industry (DTI) Secretary Ma. Cristina Roque; Department of Energy (DOE) Secretary Sharon Garin; Department of Transportation (DOTr) acting Secretary Giovanni Lopez; and senior officials from the Department of Budget and Management (DBM), the Department of Public Works and Highways (DPWH), and the Bangko Sentral ng Pilipinas (BSP).
The delegation also held one-on-one meetings with Japanese investors, including Sojitz, Mitsui & Co, Koshidaka Holdings Co., Ltd., Marubeni Corporation and the Kansai Economic Federation (Kankeiren), to secure financing for major infrastructure projects and attract more investments to create jobs and drive economic growth.
