PH woos Japanese investors

The Duterte administration’s top economic managers are vigorously courting Japanese businessmen to take part in the country’s massive infrastructure push as well as its vibrant manufacturing sector amid an economy that is growing by leaps and bounds.

In his speech during the Philippine Economic Briefing at the Imperial Hotel in Tokyo Tuesday, Finance Secretary Carlos Dominguez III made his pitch before some 600 potential investors and ranking Japanese government officials in attendance.

“As we modernize our infrastructure and accelerate our growth, we look forward to increased investment flows from Japanese companies,” Dominguez said.

He said that Japanese companies can look into participating in the Build, Build, Build Program of the government, following Japan International Cooperation Agency’s (JICA) confidence to fund infrastructure projects in Luzon through loan agreements.

These big-ticket infrastructure projects funded by JICA include the Cavite Industrial Area Flood Risk Management Project for flood mitigation in several areas in Cavite, where most of the economic zones are located; Arterial Road Bypass Project Phase III that will ease traffic congestion in Bulacan and spur economic growth in provinces north of Metro Manila; and Metro Manila Subway Project Phase I, the first underground rail system in the country.

Japanese firms can also take advantage of the strengthening of the country’s manufacturing sector, which is one of the biggest contributors to the gross domestic product (GDP) expansion.

The finance chief mentioned that the 8-percent growth of the manufacturing sector in the first quarter of 2018 has backed the 6.8-percent GDP growth in the same period.

He likewise cited various reforms that the administration is undertaking to make the local business environment more favorable to investors.