PH, Japan sign pact to boost trade ties

THE Philippine Economic Zone Authority (PEZA) has signed an agreement with the Asean-Japan Center (AJC) to promote trade and investment between the Philippines and Japan.

In a statement, PEZA said the agreement seeks to accelerate investment flows, strengthen tourism partnership, and expand people-to-people exchanges between Philippines and Japan.

Also, both parties shall mutually promote trade and investment through collaboration on information exchange, seminars or webinars, roundtable discussions, business meetings, and other similar activities.

“This partnership is in line with PEZA’s initiatives to strengthen the promotion of investments in the Philippines while at the same time bolstering its trade and economic partnership with Japan and the other Asean countries,” PEZA Director General Charito Plaza said.

“This partnership is vital as we continue to encourage existing enterprises to expand their businesses and further explore investment opportunities in our country,” added Plaza.

According to Plaza, Japan accounts for about 27.08 percent of total investments in PEZA.

To date, there are 962 Japanese companies registered with PEZA contributing P727.679 billion of investments, $11.065 billion in exports, and employing 353,763 workers.

For his part, AJC Secretary General Kunihiko Hirabayashi said his institution hopes to facilitate the flow of investment to Japan and the Association of Southeast Asian Nations (Asean), particularly those that create livelihood for marginalized sectors of society.

“I’m certain that AJC’s partnership with PEZA will create a synergy that will carry us through this new phase of economic development,” said Hirabayashi.

“Clearly, our MOU (memorandum of understanding) will allow us to better cope with the demands of our stakeholders by providing them with the necessary resources that would enable them to make timely and [wise] investment decisions,” Hirabayashi added.