Japan supports Philippines industrial vision

MANILA, Philippines — Japan is extending a hand to the Philippines to realize its industrial vision as the Asian powerhouse continues to see huge potential in the country as an investment destination.

In a presentation, Kunihiko Shinoda, director general of Japan’s Ministry of Economy, Trade and Industry (METI), said Japan would cooperate for the Philippines’ industrial development and industrial policy.

Citing results from a survey conducted by the Japan Bank for International Cooperation (JBIC), Shinoda said the Philippines is ranked number eight among potential business destinations of Japanese manufacturing companies.

In the JBIC survey, the top factor cited for the attractiveness of the Philippines was the growth potential of the country’s market.

Other significant reasons cited were the country’s inexpensive labor, size of the market, supply base to assemblers, and export base to other countries.

For his part, Shinoda said one of the advantages of the Philippines is its growing domestic market and population amid the increasing tightening global competition.

“Philippine ambition has started promoting reform for enhancing the social structure and correcting unfair inequality, as well as enhancement of economic growth potential in order to achieve the goals such as establishing a clean and Filipino first government, realizing a society where even socially-handicapped and alienated people can actually feel the economic growth, and ensuring economic safety and stability by increasing the national welfare,” Shinoda said.

As it seeks to cooperate for the realization of the Philippines’ industrial vision, Japan looks to collaborate on the provision of information for policy making and support for capacity building utilizing various dialogues.

For the foundation of large-scale employment, Shinoda said Japan would assist in promoting local supporting industries and assist industry human resource development.