After declining by half investment inquiries from Japan in 2020, the Philippines is noting improvement in the interest of Japanese investors in pandemic-responsive future-ready industries, according to Dita Mathay, senior trade representative of the Philippine Department of Trade and Industry (DTI) in Tokyo.
At a recent forum, Mathay said the inquiries received by DTI-Tokyo from Japanese companies are in electronics manufacturing; power generation from renewable energy; construction; food processing; information and communication technology; telecommunication, infrastructure, life sciences like health management for pharmaceuticals and medical device manufacturing projects related to food security, smart cities and other sectors that are responding to the increasing use of digitalization.
“This is due to the growth of future industries that are pandemic responsive, foster greater connectivity and addresses the need for digitalization sustainability and innovation,” Mathay said.
She added: “We believe that investors are coming back to the Philippines for new investment opportunities driven by the consumer market which is buoyed by growing population with growing disposable income that remains underserved. And also… the quality of human resources and our English proficiency. “We are seeing more and more companies wanting to see how they can expand their presence in our in the region. We see this as a positive development because the Philippines can benefit from available for availing of the benefits of new technologies and innovation and deepening our inventory of goods and services.”
But Mathay said Japanese businessmen often cite the continuing travel ban in pursuing some of these projects.
She said Japanese locators have conveyed to DTI that more and more of their clients are compelling them to undertake or pursue decarbonization programs.
“Locators are looking forward to clearer guidelines, and information on the mechanics and grant of incentives from the government for sustainable industry investments,” Mathay said.
In its last edition of the Global Biz Forum featuring Japan last Thursday, PEZA reported Japanese investments registered with the agency total P727.7 billion iwhich employ 353,763 employees and contribute $11.065 billion in exports. – Irma Isip
