Japan is one of Philippines' main sources of foreign direct investments
By Robina Asido
Japan is one of the main sources of foreign direct investment in the Philippines during the first and third quarter of 2021, an officer of Ilocos Norte Trade and Investment Promotion Center said on Monday.
This was mentioned by Ilocos Norte Trade and Investment Promotion Center, Public Services Officer II, Rona Leigh Bueno during the virtual business webinar of the Japan International Cooperation Agency (JICA).
"The foreign direct investment landscape in the Philippines steadily grew with the promising outlook towards the upcoming year, In its first quarter, the Philippines received over P19.5 billion worth of approved FDI. These foreign direct investments came mainly from Japan, Cayman Islands and South Korea," she said.
"During the third quarter, the Philippines garnered over P16 billion worth of approved FDI. The total approved FDI in the third quarter amounted to P16.82 billion and this foreign direct investment came from Japan, the Netherlands," he added.
Bueno said in the second quarter government approved FDI amounted to over P22.5 billion, with most of investments are centered at the United Kingdom and the USA, and South Korea.
She stressed the importance of Japanese direct investment in the Philippines which includes their "very strong purchasing power."
"Japanese companies exhibit a global outlook and willingness to invest long-term, Japan is synonymous with quality and innovation, and its companies are committed and loyal to its business partner," said Bueno.
"Japan is a key member of the international trade system with a market that respects the rule of law and provides strong protections for intellectual and real property rights," she added.
Bueno said the sectors where Japanese investors can do their business in the Philippines include "information communication technology, manufacturing, administrative and support services activities, renewable energy, real estate development, agriculture and tourism."
During the webinar Bueno and other Filipino representatives including Shamera Abobakar, Director II of the Bureau of Investments, Ministry of Trade, Investments and Tourism of BARMM and Jefferson Baloaloa, Internal Auditor III, Ilocos Norte Trade and Investment Promotion Center, Provincial Government of Ilocos Norte emphasized the advantage of investing in Ilocos Norte and BARMM.
Bueno enumerated the areas in the Philippines feasiblefor foreign direct investment.
"In the Northern Philippines, Pampanga continues to improve industrially because of many national infrastructure projects on its pipeline. Bulacan remains an attractive option for real estate investment and an emerging option for investment destination now is the province of Ilocos Norte. We consider ourselves as the gateway to East Asian countries and known as the renewable (energy) capital of Southeast Asia," she said.
"In Southern Luzon, Laguna, Batangas and Cavite remain a hotspot for property developers and commercial business districts. In Visayas, Iloilo is one of the fastest rising city in the Philippines and in Mindanao, Davao City is known for trade, commerce and industry and Cagayan de Oro is fast becoming a favorite among property real estate developers. Lastly, the BARMM region is another emerging investment region known as the top cornstarch milling in Asean country," she added.
As she invites foreign direct investment, Bueno said Ilocos Norte is one of the "provinces with low poverty rate and 98 percent crime clearance efficiency."
"Ilocos Norte your gateway to east Asian country invites you to invest in its humble little province. Ilocos Norte is accessible via air, sea and land. We are also one of the provinces with low poverty rate and 98 percent crime clearance efficiency," she said.
"Ilocos Norte is an ideal place for you to grow your business and your family with a clean, healthy and peaceful environment. we commit our strong government support and economic development offering our fiscal and non fiscal incentives to potential and existing investors," Bueno said.
"We have a pro-active investment promotion office and champions in investors servicing assistance where we make setting up business in Ilocos Norte easy. Our province is suitable for most industries due to its climate, location, culture and assets," she added.
Abobakar said"BARMM has the second fastest economic growth among all regions in the Philippines."
"BARMM previously was agri-based but now BARMM is predominantly service- based which account 38.9 percent of the regions total output," she said.
"It is strategically located and has close cultural affinity with South Asian neighbors and Middle East countries. It has availability of large pool of skilled and highly trainable manpower, it has the presence of basic utilities and infrastructure support, water, power, internet connection, telecommunication among others," said Abobakar.
"To ensure that the investors has a working and comfortable and livable place it has airports and seaports," Abobakar added. DMS
