High-ranking officials of the Philippine and Japanese governments on Thursday discussed ways to improve the two countries economic relations under the Philippines-Japan Economic Partnership Agreement (JPEPA) especially as trade volume and investment opportunities continue to increase under the said agreement since it came into effect in 2008.
Although JPEPA has entered into force more than three years ago in December 2008, both sides agreed that it is still “premature” to make an overall evaluation of its full impact to the two countries’ business relations, the Department of Foreign Affairs (DFA) said following the fourth meeting of the Sub-Committee on the Improvement of Business Environment held in Manila.
Both sides, however, noted that the increase in trade and investment “had been very encouraging despite difficult economic situations the two countries had to face particularly last year.”
Trade volume between the two countries increased last year as compared to 2010 with Japan being the largest importer of Philippines’ export amounting to $8.9 billion against the $7.8 billion reflected in 2010.
Philippines’ import from Japan, on the other hand, accounted for the largest share among other trading partners despite slight decrease to $6.5 billion in 2011 from $6.75 billion in 2010, the department said.
Also, Japan remains the biggest investor to the Philippines in terms of investments approved by the Investment Promotion Agencies (IPAs) with the value of P77.4 billion in 2011.
Besides the boost in trade figures, the two sides also discussed the increasing interest shown by Japanese investors in the Philippines “as evidenced by recent commitments as well as expanded investments by Japanese companies.”
The officials cited the visit made by a major Japanese business group called Keidanren (Japan Business Foundation) and other economic missions to Manila.
“Both sides agreed that this is an opportune time to invite further investments in the Philippines and that it is essential to continue dialogues with business communities,” the department said.
“These dialogues aim for steady and concrete progress on the resolution of specific issues regarding the business environment and to ensure transparency, predictability, and consistency,” it added.
Also discussed in the meeting were tax-related issues including value-added tax refunds, other issues related to the improvement of business environment, such as affordable price and predictable supply of electricity, improvement of logistics including roads, ports and airports, and leveling up of human resource development.
The next meeting of the Sub-Committee is scheduled on September 2012.
Japanese Ambassador to the Philippines Toshinao Urabe and Department of Trade and Industry Undersecretary Adrian Cristobal co-chaired the said meeting.
Representatives from various Philippine government agencies, Embassy of Japan in the Philippines, Japan International Cooperation Agency (JICA) and Japan External Trade Organization (JETRO) attended the meeting.
The private sector was represented by Nobuya Ichiki, president of the Japanese Chamber of Commerce and Industry of the Philippines Inc., and Guillermo Luz, chairman of the National Competitiveness Council of the Philippines. –BERNICE CAMILLE V. BAUZON REPORTER, Manila Times
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