Economic forum commemorating visit to Japan by Philippine President

February 2023

On February 10, to commemorate the visit of the President of the Philippines to Japan, JETRO co-hosted the "Philippine Business Opportunities Forum - Economic Outlook and Expanding Business Opportunities" in Tokyo with the Department of Trade and Industry of the Philippines, Japan-Philippine Economic Commission, ASEAN-Japan Center, Philippines Association, Embassy of the Republic of the Philippines in Japan, Bangko Sentral ng Pilipinas and Department of Finance of the Philippines. Approximately 640 people, including government officials and corporate executives from both Japan and the Philippines, participated in the forum, making it the largest offline event for JETRO since the COVID-19 crisis.

The forum was held on the first visit to Japan by President Ferdinand R. Marcos Jr. The Marcos administration has set out eight socioeconomic policy agendas, consisting of short-term targets for issues faced by the people, such as rising prices and the novel coronavirus, and medium-term targets, such as job creation and digitalization. President Marcos and other important economic ministers of the administration gave presentations directly to Japanese businesspeople about the attractiveness of the Philippines, future economic and fiscal policies, promotion of foreign investment and the direction of infrastructure development.

Venue

Welcoming President Marcos and Philippine government ministers to Japan

At the beginning, on behalf of the Japanese government, Minister of Economy, Trade and Industry Nishimura Yasutoshi said that for Japan, the Philippines is located at a strategic point of sea lanes that connect the Middle East, Southeast Asia and the Far East. He said that Japan is a strategic partner that shares fundamental values such as the rule of law and democracy. Next, Chairman Sasaki of JETRO spoke about the significance of the forum, the policy of the Philippine government to attract foreign investment and his expectations for fields in which Japanese companies can demonstrate their strengths. After that, the co-hosts of the forum on the Japanese side along with JETRO, Mr. Asada, Co-Chairman of the Japan-Philippines Economic Cooperation Committee (JPECC), Mr. Hirabayashi, Secretary-General of the ASEAN-Japan Center, and Mr. Katsura, President of the Philippine Association, made greetings in which they welcomed President Marcos and many Philippine government ministers as well as the holding of the forum, in which many business people were taking part.

Presentations and panel discussions by ministers on economic trends, infrastructure development and government policies

The presentation and panel discussion were divided into two parts, each consisting of a presentation by a minister followed by a panel discussion with that minister as well as private sector representatives involved in the relevant topic. In the first part, Secretary of Finance Diokno explained topics such as economic developments regarding trade and investment relations between Japan and the Philippines, the labor market and foreign exchange reserves. He then introduced the review of various laws and systems related to foreign investment, public services and retail trade, as well as the energy policy in order to meet the demands of the current economic environment, and indicated areas where cooperation from Japan is expected and will be key to future economic growth. In the second part, referring to the importance of science, technology and innovation for inclusive and sustainable industrial development, Secretary of Trade and Industry Pascual noted that business will develop by improving and strengthening "connectivity, both physical and digital." Physically, railways and highways that connect cities, regions and areas will be developed, while digitally, support would be provided to promote DX for small and medium-sized enterprises and to improve their profitability and connect them with larger markets.

President Marcos to make Japan-Philippines economic relationship even more mutually beneficial and strong

At the end of the forum, President Marcos delivered the keynote speech. He said, "Japan is one of the Philippines' largest trading partners and investors. At the same time, the Philippines provides Japanese investors with a stable supply of high-quality labor and a macroeconomic environment that can serve as a growth engine. We would like to further enhance our mutually beneficial and strong relationship." As reasons for considering business expansion in the Philippines, he cited, while giving specific figures, (1) the country’s recovery from the corona disaster due to its high growth rate, (2) an excellent business environment with relaxed foreign investment regulations, investment incentives and ratification of RCEP and (3) active infrastructure investment policies. Japanese companies who listened to the speech said, "The explanation was clear and persuasive," and "I was able to grasp the policies of the Marcos administration."

Keynote address by President Marcos

Memorandum signing ceremony for new investment in the presence of President Marcos

Prior to the forum, the Philippine Embassy hosted a memorandum signing ceremony in the presence of President Marcos, former President Arroyo, Speaker of the House of Representatives Romualdez and other representatives of the Philippine government. JETRO also signed a memorandum of cooperation on comprehensive investment support and collaboration with the Department of Trade and Industry of the Philippines. The agreement was signed and exchanged by Philippine Secretary of Department of Trade and Industry Pascual and JETRO Chairman Sasaki. At the signing ceremony, 34 documents were signed and exchanged between the Philippine government and private companies and Japanese private companies and organizations in various fields such as clean energy, high-tech manufacturing, infrastructure development and retail.

Welcoming remarks by Nishimura Yasutoshi, Minister of Economy, Trade and Industry

Welcoming remarks by Sasaki Nobuhiko, Chairman and CEO, JETRO

Venue

Discussion by Benjamine E. Diokno, Philippine Secretary of Department of Finance

Discussion by Felipe M. Medalla, Governor of Bangko Sentral ng Pilipinas

Presentation by Alfredo E. Pascual, Philippine Secretary of the Department of Trade and Industry

Discussion by Christina G. Frasco, Philippine Secretary of the Department of Tourism

Commemorative photo of all speakers

Exchange of MOC between the Philippine Department of Trade and Investment and JETRO

Signing ceremony for MOC, etc.

Forum outline

Date and time Friday, February 10, 2023, 14:30 - 17:20
Organizers/ co-organizers Department of Trade and Industry of the Republic of the Philippines
Japan External Trade Organization (JETRO)
Japan-Philippines Economic Cooperation Committee (JPECC)
ASEAN-Japan Centre
Philippine Society of Japan
Embassy of the Republic of the Philippines in Japan
Bangko Sentral ng Pilipinas
Department of Finance of the Republic of the Philippines
Supporters Ministry of Economy, Trade and Industry of Japan (METI),
Japan Chamber of Commerce and Industry (JCCI)
Co-sponsors Daiwa Securities Group Inc.
Mitsubishi UFJ Financial Group, Inc.
Mizuho Financial Group, Inc.
Nomura Holdings, Inc.
Sumitomo Mitsui Financial Group, Inc.
Program
  1. Opening remarks
    Atty. Mylene Garcia-Albano, Philippine Ambassador to Japan
  2. Welcoming remarks
    • Nishimura Yasutoshi
      Minister of Economy, Trade and Industry of Japan (METI)
    • Sasaki Nobuhiko
      Chairman and CEO, Japan External Trade Organization (JETRO)
    • Asada Teruo
      Co-Chairman, Japan-Philippines Economic Cooperation Committee (JPECC)
    • Hirabayashi Kunihiko
      Secretary General, ASEAN-Japan Centre
    • Katsura Makoto
      President, Philippine Society of Japan
  3. Presentation 1: “Economic Performance and Outlook”
    Benjamine E. Diokno Secretary, Department of Finance of the Republic of the Philippines
  4. Panel Discussion 1:
    “Economic Performance and Outlook”
    • Benjamine E. Diokno
      Secretary, Department of Finance of the Republic of the Philippines
    • Felipe M. Medalla
      Governor, Bangko Sentral ng Pilipinas
    • Amenah F. Pangandaman
      Secretary, Department of Budget and Management of the Republic of the Philippines
    • Arsenio M. Balisacan
      Secretary, National Economic and Development Authority of the Republic of the Philippines
    • Felix William B. Fuentebella
      Undersecretary, Department of Energy of the Republic of the Philippines
    • Euben Paracuelles
      Chief Economist, Southeast Asia, Nomura
    (Moderator) Margaux Marie V. Salcedo
    Undersecretary, Department of Budget and Management of the Republic of the Philippines
  5. Presentation 2: “Infrastructure and Industry”
    Alfredo E. Pascual
    Secretary, Department of Trade and Industry of the Republic of the Philippines
  6. Panel Discussion 2:
    “Infrastructure and Industry”
    • Alfredo E. Pascual
      Secretary, Department of Trade and Industry of the Republic of the Philippines
    • Manuel M. Bonoan
      Secretary, Department of Public Works and Highways of the Republic of the Philippines
    • Christina G. Frasco
      Secretary, Department of Tourism of the Republic of the Philippines
    • Jaime J. Bautista
      Secretary, Department of Transportation of the Republic of the Philippines
    (Moderator) Antonio Joselito G. Lambino II
    Managing Director, Bangko Sentral ng Pilipinas
  7. Keynote address
    H.E. Ferdinand R. Marcos Jr.
    President of the Republic of the Philippines