NextGen Day

Manufacturing, power, construction, and food processing are among the industries in which Japanese companies are seeking opportunities in the country.

Last December 20, 2021, at the Global Biz Forum organized by the Philippine Economic Zone Authority (PEZA), Tokyo commercial counselor Dita Angara-Mathay of the Department of Trade and Industry – Philippine Trade Investment Center – noted that there has been an increase in investment-related inquiries from Japanese firms recently.

“Right now, we’re receiving questions about jobs in electronics manufacturing, power generation, renewable energy, construction, and food processing,” she explained.

“We believe investors are returning to the Philippines in search of new investment possibilities, fueled by an underserved consumer market bolstered by a growing population with expanding disposable income.”

PEZA’s director-general, Charito Plaza, stated that the organization wants to encourage more Japanese companies to set up shop in the country’s ecozones.

“We are inviting Japan and its partners to come to the Philippines and invest.” “Having a Global Biz Forum with you is a timely topic since it may pave the way for you to make links with potential local and international partners, as well as discover potential ecozones where you can establish your businesses,” she said.

According to her, the Philippines offers numerous advantages to Japanese investors. One of these is having access to a youthful, English-speaking workforce.

She stated that as a beneficiary country of the European Union’s Generalized Scheme of Preferences (GSP) Plus, Japanese companies that set up shop in the Philippines will be able to import certain goods duty-free.

She also stated that the Philippines expects its US GSP status to be renewed, which would result in the elimination of duties on selected Philippine exports.

Recent developments in Japan, such as the passage of the Corporate Recovery and Tax Incentives for Enterprises Act, which reduced the country’s corporate income tax rate and introduced changes to the incentives system, as well as other legislative measures aimed at attracting foreign investment, such as proposed amendments to the Retail Trade Liberalization Act, Foreign Investments Act, and Public Service Act, as well as the i-Investment Act, have prompted Ambassador Koshikawa Kazuhiko to say.

“The reforms brought about by these measures are expected to lead to more active investments from Japan in the future,” he said.

According to him, over a thousand Japanese enterprises specializing in electronics, semiconductors, information technology, and metal processing are registered with the PEZA.

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