P-Noy's trip to Japan expected to generate $1-billion investments

MANILA, Philippines - President Aquino’s official visit to Japan next week is expected to generate new investments worth $1 billion.

“We already have $1 billion worth of sure investments,” Board of Investments (BOI) managing head Cristino L. Panlilio told reporters yesterday.

According to Panlilio, it is only natural for Japanese investments to be significantly lower than the investments gathered during the President’s state visit in China because for the last 30 years, Japan has already been one of the biggest investors in the Philippines. This means that there are already a number of Japanese investors here.

Panlilio said they expect investments in energy and shipping related sectors. The President’s Japan trip is scheduled for Sept. 25 to 28.

During the visit, Panlilio said they expect 10 memorandum of agreement to be signed. President Aquino will be joined by a 100-man business delegation. Among them are representatives from the led Philippine Long Distance and Telecommunications Co. (PLDT), Ayala Group, the Metrobank Group including Toyota Motor Philippines Corp., San Miguel Corp., the local car parts and components association and the banana and furniture associations.

However, Panlilio said that the government will not discuss the Japan Philippines Economic Partnership Agreement (JPEPA) because the visit is for investment and promotions.

The JPEPA, entered into force December 2008, is the most comprehensive bilateral economic agreement the Philippines has entered into with another country covering trade in goods and services, investments, and cooperation.

The JPEPA is now under review and the meeting is scheduled for December.

In an earlier interview, Trade Assistant Secretary Ramon Kabigting said that the Japanese contingent would like to discuss issues on automotive. On the other hand, the Philippines would like to bring up the issue on nurses.

During their trip to Japan in March, the Philippine contingent has already informed their Japanese counterparts that that they would like to discuss the stringent requirements for Filipino nurses who would like to work in Japan.

The Philippine contingent has officially told their Japanese counterparts that the labor situation must be discussed during the renegotiation.

The Philippine contingent was composed of representatives from the Department of Trade and Industry, Department of Labor and Employment, Office of the Solicitor General, Department of Justice, Department of Foreign Affairs, Philippine Regulatory Commission and the Philippine Overseas Employment Agency.