MANILA, Philippines — The Department of Finance (DOF) has urged investors from Kyushu, Japan to explore investment opportunities in the Philippines amid the government’s efforts to further open up its economy to foreign investors.
According to the DOF, Finance Secretary Carlos Dominguez recently met with the Kyushu Economic Federation (Kyukeiren), wherein he invited its members to consider investing in some local sectors, particularly the cement and steel industries.
He said these industries would allow them to participate in the government’s massive infrastructure program, as these are vital in fast-tracking the implementation of infrastructure projects.
“We’d like to invite Kyushu businessmen, under your leadership, to make some serious investments here,” Dominguez told the federation, led by its president Yutaka Aso.
Kyukeiren is a regional, integrated economic organization in Japan with membership of about 970 companies. It was established in 1961 to spur Kyushu’s economy and unify its business community.
During the meeting, Dominguez assured the federation that the Duterte administration is committed to open up the economy to foreign investments.
As a part of these efforts, he said the government has implemented the Rice Tariffication Law, which liberalize rice imports in the country.
He also showcased the administration’s infrastructure modernization program, which is seen to help achieve the government’s target of reducing poverty incidence to 14 percent by 2022.
“Through Build Build Build, we can create good jobs and interconnect regions so that far-flung areas can find major markets for their products here in the Metro Manila area,” Dominguez said.
The finance chief also briefed Kyukeiren on other priority goals of the government, which will be pursued in the second half of the Duterte administration.
Dominguez said the government seeks to make its citizens more law-abiding, and that the war on illegal drugs is one way to achieve this goal.
He said the government has also embarked on a campaign against tax evaders and is now putting in place measures to ensure that foreign nationals working in the country pay the correct taxes.
Furthermore, Dominguez said the government is also implementing measures to ensure peace within and outside the country’s borders.
He mentioned the passage of a new Bangsamoro Organic Law and the enhanced relations of the Philippines with its neighbors, such as Japan, China, South Korea and fellow members in the Association of Southeast Asian Nations.
“We have strengthened the legislation for the Bangsamoro autonomous region, and we are now meeting with them almost weekly to train them, to manage their own areas,” Dominguez said.