A Philippine delegation led by Finance Secretary Ralph G. Recto is in Japan to assure one of the country’s most influential economic organizations that the Philippines is a prime destination for investment.
During a meeting with the Kansai Economic Federation (Kankeiren), which represents about 1,300 major Japanese companies, Recto hailed Japan as one of the Philippines’ “longest and strongest partners in growth,” the Department of Finance (DOF) said in a statement on Thursday.
“In the Philippines, you are in the right place, at the right time, with the right partners, and the right opportunities to win big,” Recto said during the September 11 meeting in Osaka.
The Philippines’ economic team highlighted the country’s “A-” investment-grade ratings from leading Japanese credit agencies as a sign of confidence in its fiscal management and growth trajectory.
Recto noted that the government has undertaken sweeping reforms to attract foreign investment, most notably through the CREATE MORE Act.
This law offers a more competitive package of tax incentives and resolves a long-standing concern of Japanese exporters by exempting them from value-added tax.
The delegation is in Japan to convene the Philippines-Japan High-Level Joint Committee Meeting on Infrastructure Development and Economic Cooperation.
They will meet with their Japanese counterparts to review progress on major infrastructure projects financed by Tokyo and to attract more Japanese investment.
