MANILA, Philippines – President Aquino must assure Japanese investors that his administration is addressing their concerns that include bureaucratic red tape, weakening institutions, traffic and steep electricity costs, among others, when he visits Japan next week. Aquino will embark on a state visit to Japan from September 25 to 28.
Japan Ambassador to the Philippines Toshinao Urabe, in a press briefing on Tuesday, said Japanese investors are eyeing economies of the Association of Southeast Asian Nations (Asean), “but not to…Philippines and I believe that [is] part of the reasons of President Aquino’s visit to Japan is to tell investors that his administration is creating a friendly environment for business and [implementing] more stable policies.”
“They are the same concerns of the local investors such as red tape, weakening institutions, electricity, traffic, nothing secret,” said Urabe, adding it is important for Aquino to send the message to Japanese investors that the Philippine government is addressing these problems.
He said Japanese investors are now being encouraged to “look for other places” for investments as markets in Europe, the United States and some parts of Asia have been saturated. He said Japan’s economy also needs to hurdle the devastating impact of the earthquake and tsunami that hit northeast Japan early this year.
Urabe said the new strategy of the Japanese government is to explore outside and increase investments abroad.
“People [referring to Japanese companies] are looking at new places for investments as markets like Europe, Asia and the US have been saturated,” said Urabe.
However, Urabe said the Philippines remains outside the radar screen of foreign investors eyeing countries in Southeast Asia due to lingering issues that discourage private firms.
He said Japanese investors are looking at potential sectors in the Philippines like services sector, business-process outsourcing and manufacturing sector, particularly electronics and semiconductor.
During his forthcoming official visit to Japan, President Aquino will make a State Call on his Majesty the Emperor of Japan Emperor Akihito. He will also meet with Japanese Prime Minister Yoshihiko Noda.
Aquino will also visit Ishinomaki City in Miyagi prefecture, which has been affected by the earthquake in March.
“The government of Japan sincerely welcomes the visit of the President, which will further strengthen the friendly relations between Japan and the Philippines,” said Urabe.
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By: Estrella Torres
Source: abs-cbnnews, Sept. 21, 2011
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