The Philippines is looking forward to increased foreign investments in the wake of high-level roadshows promoting opportunities in the country.
“We hope to benefit from the transfers of technology that invariably tracks investment flows,” Finance Secretary Carlos Dominguez was quoted as saying by the Finance department during Tuesday’s Philippine Economic Briefing in Tokyo.
A second briefing will be held this Friday in Shanghai, the Investor Relations Office (IRO) said, with a key message that of the Philippines’ rise as the next Asian economic powerhouse.
“[P]otential investors overseas would do well to ride on its (the country’s) growth ride,” the IRO said.
In addition to Dominguez, other officials participating in the roadshow are Socioeconomic Planning Secretary Ernesto Pernia, Budget Secretary Benjamin Diokno, central bank Governor Nestor Espenilla Jr., Transportation Secretary Arthur Tugade, Public Works Secretary Mark Villar and Executive Secretary Salvador Medialdea.
“We look forward to an even stronger partnership with the Japanese people,” Dominguez said in Tokyo, noting that Japan was a major source of industrial investments.
Earlier this year, Japanese Prime Minister Shinzo Abe pledged a 1-trillion yen ($9 billion) investment and development aid package to the country.
Dominguez said the Philippines’ planned first subway line, made possible through Japanese financing and technical support, would be “a great monument to the friendship” between the two countries.
At the 3rd Philippines-Japan High-Level Meeting of the Joint Committee on Infrastructure Development and Economic Cooperation, meanwhile, officials agreed to further streamline approval processes to fast-track the implementation of big-ticket infrastructure projects.
“Investors who will do business in the Philippines are in for profitable times ahead, with the government investing in numerous large-scale infrastructure projects as well as social services, most especially in the countryside, to make the economy truly inclusive and propel the country to upper-middle income status by 2022,” Dominguez said.
The Tokyo leg of the roadshow was hosted by Nomura and the Shanghai briefing will be courtesy of the Bank of China. This followed an August 15 briefing in Singapore that was hosted by Standard Chartered Bank.