THE Philippine economy is booming. With foreign players starting to invest in the country, the time to harness the good prospect of doing business in the Philippines is now. Despite tough times due to the global crisis, the country is still able to offer the best investment opportunities.
Last Monday, Nov. 15, President Benigno Aquino III said he brought with him $5.45 billion worth of investment offers from Japan upon his arrival from a working visit in the country.
“What kind of message do I want to impart to our countrymen? Indeed the situation is getting better and better. More and more investors are making bigger investments in the country,” the president said in his speech.
Aquino also said the investments from Japan would include the construction of a bioethanol facility in Isabela province and expansion of power plants.
Aside from whopping investments, Japan, the world’s second most powerful economy also provided the country with $465 million worth of official development aid (ODA) during the first eight months of this year.
Fifty-four years have passed since the reconciliation of the Philippines and Japan after the damage brought upon by the Japanese Military in the country during World War II. Since then Japan has been the Philippines ’ top donor by providing the country with $20 billion during the past four decades with grants and soft loans.
Japanese Ambassador to the Philippines Makoto Katsura earlier said that “the noble spirit of reconciliation and the sense of fairness on the part of the Filipino people” encouraged Japan to extend help and further strengthen its ties with the country.
The recent trip of Aquino from Japan brought not only good news but also generated a certainty about the future path of cooperation between Japan and the Philippines. Through the years Japan—being a staunch adherent of globalization—expressed its confidence in the country and has always provided ways to help the Philippines gain its full economic potential.
Like most foreign investors, Japanese businesses had been drawn to the Philippines because of the government’s recent programs. With the current pace of Philippines ’ economic growth and the administration’s rigors in meeting financial obligations, it won’t be long until the strength and competitiveness of our local economy is what the country will be known for. (AJPress)
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