Manila gains from pact with Tokyo

Despite the financial instability that almost crippled economies in the past years, the Japan-Philippine Economic Partnership Agreement (JPEPA) increased trade volume between the two countries with Manila’s export to Tokyo going up from $6.21 billion in 2009 to $7.8 billion in 2010.

In a joint statement, both sides noted that the JPEPA, which entered into force in December 2008, “has made significant strides in its implementation despite the global economic crisis and financial instability in the past years.”

Figures indicated that trade volume between Manila and Tokyo increased in 2010 as compared with that of 2009.

Japan was the biggest importer of Philippine goods as Manila’s export to Tokyo increased to $7.8 billion last year.

The Philippines’ import from Japan went up to $6.75 billion in 2010 from only $5.34 in 2009.

This moved Japan to being the biggest exporter to Manila.

The world’s third-fastest growing economy was also the biggest investor to the Philippines in terms of investments approved by the Investment Promotion Agency (IPA) with P58.3 billion in 2010.

“The accumulated Japanese direct investment to the Philippines in the last five years, from 2006 to 2010, is P203.8 billion,” the statement said.

JPEPA is a free trade agreement and bilateral investment treaty that aims to increase economic activities between the two countries.

It was signed during the administration of then President and now Rep. Gloria Arroyo of Pampanga.

In Manila, the Japanese Embassy also on Friday said in a statement that President Benigno Aquino 3rd will be meeting with Japan’s emperor and prime minister during his official working visit there September 25 to 28 to further strengthen ties between the two countries.

President Aquino was scheduled to call on Japanese Emperor Akihito, who will then host a court luncheon in honor of the President’s visit.

He will also meet with Japanese Prime Minister Yoshihiko Noda, as well as visit Ishinomaki City in Miyagi Prefecture, which was affected by the Great East Japan Earthquake in March this year. –Bernice Camille V. Bauzon, Reporter, Manila Times