TOKYO, Japan, June 4 (PNA) — President Benigno S. Aquino III on Thursday encouraged members of various Japanese trade organizations to look at the Philippines as an investment destination, given its improved business climate.
Speaking at the Philippine Investment Forum held at the New Otani Hotel here, the President said there is no better time for businessmen to set up shop in the country than today, considering the significant strides his administration has taken in the economic front.
President Aquino said many opportunities await Japanese investors in the Philippines, especially in the area of infrastructure where 28 projects are currently in the pipeline for development under public-private partnerships (PPP).
This is on top of the nine solicited projects that have already been awarded, with another one expected to be awarded very soon, and 15 other projects that by now are in various stages of procurement and roll-out, he said.
“The Philippines as an investment destination is more attractive today than at any other point in our history. We can further deepen, or forge partnerships in which all parties benefit. Our government’s track record speaks for itself, as well as our sustained commitment to moving this forward,” he said.
President Aquino further said that aside from the PPP, his administration is also working toward enhancing the infrastructure budget, with the goal of making it at least five percent of the country’s gross domestic product by next year.
“We have also focused on enhancing critical transport infrastructure like ports and airports. We have completed the construction of a major airport (i.e., Laguindingan), and are undertaking the construction of two more,” he said.
This is on top of 43 other infrastructure projects across the country that are undergoing significant rehabilitation and improvement, he said, adding that seven out of 18 tourism ports have been developed.
In terms of developments in the energy sector, President Aquino mentioned that his administration is hard at work to ensure a consistent, diversified, and reasonably priced power supply across the country.
Apart from the 30 new power projects that have already gone online under his watch, he said 48 more projects are set to go online between now and 2020, which will augment the country’s total dependable capacity to about 15,665 megawatts.
“The improvement of sectors like power and infrastructure has indeed redounded to the Philippines’ increased competitiveness. At the same time, we continue to believe that the most important sector — the most important resource — we can invest in is the Filipino people,” the President said.
Noting that while the Philippines is known as a force to be reckoned with in the information technology/business process management sector, which yields at least US$ 18 billion in revenues, he expressed hope that investors would also tap into the other skills of his countrymen.
President Aquino said Filipinos are quickly demonstrating their ability to excel in more specialized areas, particularly in legal transcription, accounting, engineering services, and animation, an industry that Japan helped popularize around the world.
“Game development is another area we are looking to develop — and I am certain that Japanese creativity, innovation, and technological prowess can help us to maximize this sector,” he added.
President Aquino also vowed to further empower his hardworking countrymen through Micro, Small, and Medium Enterprises (MSMEs), in which significant strides have also been made in terms of improving their access to credit, learning programs, and facilities that can assist them in improving the quality of their products.
“Our Department of Trade and Industry has also been conducting seminars on Doing Business in Free Trade Areas (DBFTA), which will help MSMEs maximize the opportunities that come with greater economic integration,” he said.
The President cited the country’s first Fabrication Laboratory Shared Services Facility (FabLab SSF), which was made possible through the generous assistance of the Japan International Cooperation Agency.
He said this facility will directly benefit 135 MSMEs in Bohol by providing them access to technology, such as laser cutters and 3D printers, which could help the enterprises improve their efficiency and productivity, and enhance the quality of their products.
“Even better: the FabLab will benefit from the continued guidance and mentorship of the prestigious Keio University in Japan,” the President added.
Inspired and driven by the Japanese people’s ‘kaizen’ philosophy, which literally means “continuous improvement” or “change for the better,” President Aquino said his administration is determined to reach its goal of turning the Philippines into a strong and competitive player in the global economy.
The President thanked Japan for being one of the Philippines’ consistent trade partners, regardless of the global economic situation.
Japan has consistently been among the top sources of approved investments in the Philippines and is also its largest trading partner in 2014, with total trade amounting to US$ 19.1 billion.
“Those of you who have already established a corporate presence in the Philippines can attest to the caliber of the Filipino worker—to the fact that kaizen seems to be inherent to my countrymen, and that they will do everything in their power to ensure that you succeed,” the President told investors.
“They are the reason that we are all gathered here today; the millions of Filipinos back home are the silent partners I represent in inviting you to consider the Philippines. Together, let us explore new ways to spur each other’s success and to improve our collective fortunes — contributing to the growth of your businesses, the development of our country, and the realization of a brighter future for the Filipino people,” he said. (PNA)