Jetro vows to boost Philippine-Japan economic ties

MANILA, Philippines — The Japan External Trade Organization (JETRO) has vowed to further boost trade and investment cooperation between Manila and Tokyo, the Department of Finance (DOF) said yesterday.

Citing a letter sent by JETRO executive vice president Yuri Sato, the DOF said the Japan trade organization has committed to intensify its efforts to enhance the economic ties between the two countries.

“JETRO will continue its efforts to increase cooperative activities between the Philippines and Japan. We would appreciate your continued kind support and encouragement,” Sato told Finance Secretary Carlos Dominguez in the letter.

A Japanese government-led organization, JETRO works to promote mutual trade and investment between Japan and the rest of the world.

According to the latest data from the Philippine Statistics Authority, Japan was the country’s top export destination in October 2017, accounting for $871.36 million, or 16.2 percent, of exports.

In terms of imports, purchases from Japan amounted to $926.18 million in October, making it the second largest source of imported products.

Meanwhile, JETRO data also showed Japan’s foreign direct investments in the country reached $724.71 million, while Philippine investment outflows to Japan stood at $14.165 million in the first nine months.

In his letter, Sato also cited the success of the Philippine Economic Briefing conducted in Tokyo last Sept. 26, which he said showcased the investment opportunities under the administration’s massive infrastructure program.

“With seven key Cabinet members of the Philippine government presenting their commitment to Japanese investors regarding deregulation of foreign direct investment and tax reform, the briefing received high praise from participants,” Sato said.

Dominguez expressed gratitude for Japan’s continued support for the country’s economic development, particularly the ¥1 trillion in investment and development loans committed by Prime Minister Shinzo Abe during his visit in Davao City earlier this year.

Under this investment and aid package, Japan will support the financing of the Metro Manila Subway Project of the Department of Transportation.

The exchange of notes between Manila and Tokyo for the ¥104.5 billion loan for the project was signed last November on the sidelines of the 31st ASEAN Summit and Related Meetings.