“The Philippine economy is a ‘bright spot’ in the region,” Department of Trade and Industry Undersecretary for Industry Development Adrian Cristobal Jr. said during the Philippine-Japan Business Investment Forum held in Tokyo last week. Cristobal urged Japanese businessmen to “seize opportunities in the Philippines to create wealth, generate jobs, and improve the lives of our peoples.”
“Now is the right time for our Japanese friends and partners to come and do business in the country, and for those all ready operating there, expand your business,” said Cristobal. He informed Japanese organizations about the advantages the Philippines appreciates from exchange inclinations from the world’s biggest importing nations under the Generalized System of Preferences (GSP).
The Philippines turned into a recipient to the European Union’s GSP-in addition to before the end of last year, which allowed the Philippines obligation free access to 66% of EU’s duty lines. Besides, in June 2015, the United States reauthorized its GSP gift to the Philippines, which lapsed in mid-2013, giving the Philippines obligation free access to 3,500 US duty lines.
Some Japanese firms have already taken advantage of these preferences. Shimano, a large Japanese bicycle manufacturer, invested ¥3.5 billion to access the EU market through the Philippines. “By setting up manufacturing facilities in the Philippines, Japanese companies may avail of the duty-free market access to the EU and the US, including products which are key export interests of Japan,” Cristobal added.
“We are in fact the only country in ASEAN to enjoy this preferential treatment,” Cristobal said. “In addition to these product categories, exporters in footwear and textile, preserved fruits, pineapple juice, jams and jelly who are targeting the European market may find a wealth of opportunity in the Philippines’ GSP+ status,” he added.
The Philippine government also aims to enhance the competitiveness of its automotive industry not only to keep pace with its growing market but also to seize a bigger share of the regional automotive manufacturing industry in the near future.
While in Japan, Cristobal additionally met with the auto and auto parts producers to brief them on the nation’s Manufacturing Resurgence Program (MRP) and the Comprehensive Automotive Resurgence Strategy (CARS) Program. The CARS Program plans to build the business’ level of generation (presently at 80,000-90,000 units for each year) to an aggressive scale at 200,000 every year. The CARS Program spreads engine vehicle creation, car parts assembling, and shared administration and testing offices.
As per the DTI, Japan’s Ministry of Economy, Trade, and Industry (METI) will be driving a Japanese designation of organizations to investigate prospects in the wellbeing business including medicinal devise assembling, preparing, IT administrations outsourcing, exploration and consultancy.
Source: DTI, Philippine Government, Photo credit: wikimedia.org