Press Secretary Ignacio Bunye yesterday said there may be some "important announcements" after the talks between Philippine and Japanese officials this afternoon.
The two countries are negotiating the Japan-Philippines Economic Partnership Agreement (JPEPA), which will greatly increase the incentive for Japanese investments and pave the way for more bilateral trade.
The planned free trade accord will affect mainly industrial and agricultural products — but will also include services and proposals to allow more Filipino nurses and caregivers to work in Japan to minister to the aging Japanese population.
The JPEPA will also help efforts to make the Philippines the ASEAN business partner of choice for Japan.
Mrs. Arroyo expressed confidence that there will be a "blossoming of new opportunities for more dynamic cooperation in the years ahead" between the Philippines and Japan.
She made the statement in her message congratulating both the Filipino and Japanese peoples on the occasion of 50 years of friendship between the Philippines and Japan.
July 23 was declared by the President as "Philippines-Japan Friendship Day" to commemorate the ratification of the Peace Treaty and Reparations Agreement between the two countries on July 23, 1956.
In her message, Mrs. Arroyo said the Philippines and Japan have developed progressively closer and stronger ties that matured into strategic alliances for economic development and regional cooperation.
"Japan remains to be the largest provider of official development assistance (ODA) that has boosted growth and prosperity in the urban and rural areas of the Philippines. It is also one of the largest sources of direct foreign investments, particularly in the energy sector," she added.