Following the President’s visit to Japan last December 2023, the Department of Trade and Industry through the Philippine Trade and Investment Center (PTIC) in Osaka further strengthens stronger economic ties between the Philippines and Japan through the recently concluded business mission, Monday, February 19, 2024.
Supported by the Philippine Board of Investments (BOI) and the Osaka Chamber of Commerce and Industry (OCCI), the mission comprised of series of engagements such as the launching of the ASEAN-Japan Business Platform between the OCCI the Philippine Chamber of Commerce and Industry (PCCI), a call on DTI Secretary Alfredo E. Pascual and a company and factory visit to Fastech Synergy Philippines, Inc. – all designed to bolster economic ties between Osaka and Philippine industries.
Together with other officials (L-R): Mr. Negoro Takayoshi, Director of the International Division of OCCI; Commercial Counselor Michael Alfred V. Ignacio, PTIC Osaka; Mr. Iuchi Setsuo, President of OCCI; Mr. Higashi Kazuhiro, Vice-Chair of OCCI; DTI Secretary Pascual, OCCI Chairperson Mr. Torii; DTI Undersecretary Ana Carolina P. Sanchez, Executive Director Evariste M. Cagatan, Investment Promotions Services (IPS) of the Board of Investments (BOI), Executive Director Ma. Corazon Halili-Dichosa, Industry Development Services (IDS) of the BOI; and Executive Director Althea Karen P. Antonio, DTI’s Foreign Trade Service Corps (FTSC).
The Trade Chief expressed his enthusiasm in fostering the long-standing relationship between the Philippines and the Japanese business community to the delegation.
“We are optimistic about the future with our Japanese partners participating in the industrialization process. I’d like to reaffirm the commitment of the government for an inclusive business environment, particularly for foreign investments,” said Pascual.
Philippine Consulate General Osaka Commercial Counselor and Director of the Philippine Trade and Investment Center Michael Alfred Ignacio stays committed to facilitating meaningful engagements and fostering closer ties between Philippines and Osaka.
“We are pleased with the outcomes of this mission, which further strengthens economic collaboration between the Philippines and Osaka, particularly in our primary mandate to boost substantial participation from among Japanese SMEs in the Philippine manufacturing supply chain and industrial ecosystem,” Ignacio said.
The business mission fortifies the country’s competitive advantage as an ideal investment destination in Asia and further contributes to the country’s bid to complete the Philippine manufacturing supply-chain and industrial ecosystem with the participation and investments of SMEs in the West of Japan.
OCCI Chairman Shingo Torii emphasized, “This mission marks a crucial step in showcasing the Philippines as an attractive investment destination and fostering collaborative efforts for mutual economic growth. We are committed to building lasting partnerships that will benefit both the Osaka business community and our counterparts in the Philippines.”
On another note, OCCI and the Philippine Chamber of Commerce and Industry (PCCI) inked a Memorandum of Understanding (MOU) launching the ASEAN Business Promotion Platform. The MOU aimed to serve as a gateway to provide channels for business cooperation, collaboration, and support for its substantial membership base, comprising mainly of around 30,000 SMEs in the Osaka Prefecture.
As of December last year, DTI recorded about USD72.2 billion in investments at different stages. With a total of 148 projects, 46 projects valued USD14.2 billion (20% of total pledges) have already been actualized, which means projects have already been operating and/or have completed the process of registering the project with DTI’s Investment Promotion Agencies (IPAs), or have commenced implementation.
Among these successful projects, Japan is considered as one of the most significant countries as investment source contributing to 21 projects actualized.
For further information, please contact: Philippine Trade and Investment Center (PTIC) Osaka at osaka@dti.gov.ph ♦
IN PHOTOS: Courtesy visit and meeting with PCCI
Date of Release: 28 February 2024