Japan business list: Phl keeps 7th place

Chief Presidential Legal Counsel Secretary Salvador Panelo on Monday welcomed a report that placed the Philippines as seventh among the most promising countries for overseas business operations for the next three years.

The report was based on the survey conducted by the Japan Bank for International Cooperation (JBIC).

Panelo shared the news in his daily online program “Counterpoint”. He mentioned that the survey was conducted last year with 530 Japanese companies as respondents.

“The companies pointed out that our foreign direct investments are increasing along with numbers of qualified human resources,” he said.

Panelo noted the good qualities that Filipinos possess such as being good communicators, hardworking, being honest, helpful, and friendly.

“This just only proves what we always say here that many international credit agencies acknowledge. Critics must acknowledge this too,” he said.

Panelo said Philippine Ambassador to Japan Jose Laurel V welcomed the good news and said that it validated the strong economic fundamentals of the country.

The JBIC surveyed 954 Japanese companies but only 530 companies returned valid responses putting the response rate at 55.6 percent that also covered the individual themes of “impact of Covid-19 on the supply chain” and “prospects for SDG.”

The Top 10 Countries in the FY2020 Survey Report on Overseas Business Operations by Japanese Manufacturing Companies were China, India, Vietnam, Thailand, US, Indonesia, Philippines, Malaysia, Mexico, and Myanmar.

The Philippines was also Top 7 overall in the 2019 survey.