The Government of Japan announced former Philippine Trade Secretary Peter Favila as one of the foreign recipients of the 2015 Autumn Imperial Decorations.
Favila received The Order of the Rising Sun, Gold and Silver Star in recognition of his valuable contribution to strengthening and deepening the Japan-Philippines bilateral relations.
Favila has earned three decades of expertise in the banking and finance industry. He led three local commercial banks and later chaired the Philippine Stock Exchange (PSE), after which, he was appointed as the Secretary of the Department of Trade and Industry (DTI) in 2005.
During his five-year term, Favila made his significant contribution to the conclusion of Japan-Philippines Economic Partnership Agreement (JPEPA) negotiations and its subsequent ratification.
As JPEPA is the first comprehensive bilateral trade agreement entered into by the Philippines, the negotiation process involved long periods of reviews, consultations and coordination efforts from both countries. With Favila’s strong leadership as a Trade Secretary, JPEPA was finally ratified by the Philippine Senate in 2008.
The former secretary also co-chaired the JPEPA Sub-Committee on the Improvement of Business Environment. Under the JPEPA framework, the Government of Japan and the Government of the Philippines continuously foster its strategic relationship by bringing together both the public and private sectors to address the overall business climate of the Philippines, creating a friendlier and enabling environment for Japanese investors.