Imperial Hotel, Tokyo, Japan
May 29, 2019
President Rodrigo Roa Duterte guaranteed to the Japanese business delegation and investors of the Philippines’ competitive and corruption-free business climate, and a highly skilled and fast-learning workforce in his speech during the Business Forum at the Imperial Hotel in Tokyo, Japan.
The Japanese and Filipino business delegation inked a total of seven (7) business agreements and 19 Letters of Intent (LOIs) in a signing ceremony that transpired prior to the Business Forum. These 26 agreements have an estimated investment value of PhP 288.804 billion or $5.511 billion, and a projected employment of 82,737 jobs for the Philippines. The Chief Executive considered these signed agreements a ‘vote of confidence in the Philippines’ bright economic prospect.’
President Duterte attributed the Philippines’ stable economy to the country’s sound macro-economic policies and reforms, as well as the improved credit rating of the Philippines.
“I am pleased to note that the Standard and Poor’s has upgraded the Philippines’ credit rating to BBB+, with a positive outlook. This is the highest rating in our history and is only a notch below the credit rating of A. Given all these, your investments are assured of protection and gains. I guarantee that,” he vowed before the business community.
President Duterte added that the Philippines is expecting and anticipating an increased trade and investment flows due to the firm momentum generated by decades of deep economic cooperation. He deemed Japan as the major source of foreign direct investments (FDIs) and a key trading partner of the Philippines.
“We are also working with your Government to improve the current framework for the [deployment] of nurses and health care workers and adopt a framework for mutual recognition and understanding,” he said.
Moreover, he divulged that the Philippines is currently working with the Japanese government to address the issue of economic market access for the services suppliers in project constructions, as well as for the country’s agricultural products such as bananas, mangoes, and pineapples.
“Let me emphasize that we are firmly committed to maintain a stable and predictable environment for robust business partnerships between the Philippines and Japan,” he firmly assured.
President Duterte is on the second day of his working visit to Japan.
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