Philippines seeks to cash in on Japanese investments

MANILA, Philippines – The Philippines plans to capitalize on Japan’s new development agenda seeking to provide equal business roles among Japanese companies and ASEAN-based firms.

Trade Secretary Ramon Lopez said his department is set to conduct a trade and investment roadshow in Japan within the year as interest and confidence among Japanese firms in the country’s economy and potential remain strong.

“We got an invitation from the Japanese trade minister when we had bilateral in ASEAN early August. They are asking us for a trade and investment roadshow in Japan to meet Japanese investors,” Lopez said.

Japan’s Ministry of Economy, Trade and Industry (METI) in a statement said days when ASEAN-based companies play supporting roles as large Japanese companies take the lead on assembly, processing and other links in the supply chain will soon be over as it establishes the “ASEAN-Japan Innovation Network.”

“This is called a ‘flying-geese pattern’ development model, but in an increasingly digital world this structure is no longer the only path toward growth,” METI said, referring to its previous development framework.