Finance Secretary Carlos Dominguez III is luring Japanese investors, saying the country's strong financial position and game-changing initiatives have solidified the Philippines’ “brightening economic prospects.”
During a recent Philippine Economic Briefing (PEB) for key government officials and business leaders from Japan, Dominguez urged them to take part in the country’s shift to a “new and better” post-pandemic recovery.
"The Philippines is more than ready for a new and better normal," said Dominguez in stressing that business partnerships with Japan can be strengthened in the areas of infrastructure development, manufacturing, digital technology, renewable energy and research and development.
“We have gone through a difficult episode and proved that our institutions are strong enough to keep our people safe and prosperous. We have laid down firm foundations to ensure a stable recovery towards a more inclusive economy. We have what it takes to do this,” he added.
He said these “game changers” in the country's business landscape include the fast-tracked digitalization program across the Philippine bureaucracy; and the timely passage of the corporate income tax reform law.
Dominguez also cited the establishment of a national ID system, as well as measures to further improve the ease of doing business and the sustained modernization of the country’s infrastructure.
The government also has an ambitious plan to adapt to, and mitigate the impact of, climate change, the finance chief said.
With COVID-19 infections now declining at a steady rate, Dominguez reiterated the economic team’s earlier assessment that a full reopening of the economy can happen by the onset of the New Year.
Dominguez thanked the government and people of Japan for helping the Philippines battle the pandemic, through their budgetary aid and donation of one million doses of AstraZeneca vaccines.
On top of being the Philippines’ biggest provider of official development assistanc, he noted that Japan has also been a strong supporter of “Build, Build, Build” through 26 ongoing loans that cover various big-ticket projects.
Despite COVID-19, annual foreign direct investment inflows from Japan did not drop but even increased by 45 percent compared to the pre-pandemic period.
Japan is also the Philippines’ top export market.
“All of these facts show how Japan has become a valuable partner in our development story. We are optimistic that Japan will continue to play a key role in our economic resurgence,” Dominguez said.