Japanese investors see the potential of the Philippines as an investment hub for them under the Regional Comprehensive Economic Partnership (RCEP) and other key economic reforms like the liberalization of retail, foreign investments and public services, according to the Department of Trade and Industry (DTI).
The DTI said in a statement yesterday the Japanese Chamber of Commerce and Industry of the Philippines Inc. (JCCIPI) joined calls for the Senate’s immediate concurrence of the RCEP saying being part of the agreement “would provide an immense boost to the country’s economic activity and further strengthen the intra-region free trade system, especially as a recovery mechanism from the impact brought by the pandemic which has made international cooperation on trade more important than ever.”
“A guaranteed seat at the table in helping structure the rules for multilateral trade is more than a positive note for the country,” said DTI quoting JCCIPI.
According to the DTI, the chamber also expressed confidence that the ratification of RCEP, in tandem with other economic reform measures, would make the Philippines a popular destination for Japanese investments.
