Japanese emperor, empress to take side trip to Laguna

MANILA, Philippines - Emperor Akihito and Empress Michiko of Japan will take a side trip to Laguna in addition to their scheduled activities in Manila during their five-day state visit from Jan. 26 to 30.

Presidential Communications Operations Office Secretary Herminio Coloma Jr. said the imperial couple will arrive on Jan. 26 and will have activities in Manila on Jan. 27 and 28, then visit Caliraya and Los Baños in Laguna on Jan. 29 and return to Japan on Jan. 30.

“Their Majesties’ state visit is a major highlight and fitting start to the 60th anniversary of the establishment of diplomatic relations between the Philippines and Japan in 2016,” he said.

The government began preparations for the arrival of Emperor Akihito and Empress Michiko as early as last month.

This will be their first official visit to the Philippines since 1962 when they were then the crown prince and princess of Japan.

The Japanese Imperial couple’s upcoming trip to the Philippines is also considered a reciprocal one as President Aquino went on a state visit to Tokyo last June and invited them to spend some time in Manila.

Meanwhile, Aquino thanked a Japanese bank for its vote of confidence in the country, and that its operation here would encourage more investments to come into the Philippines.

Aquino said bilateral relations between the Philippines and Japan had been robust, and that a concrete evidence of this would be the sheer number of Japanese firms that had established themselves in the country.

Aquino spoke at the opening ceremony of the Sumitomo Mitsui Banking Corp.’s Manila branch in Makati Monday night.

“SMBC’s operations in the Philippines will create even more opportunities for all of us,” he said. “You have a well-established reputation in Japan; some of your clients may already be eyeing our country for their expansion plans. Your presence here is a factor that encourages them to hasten their investments in the Philippines, because, in you they have a partner who knows the terrain, and who knows what they need.”

He added: “Indeed: SMBC’s vote of confidence has an impressive multiplier effect. Just think about the number of companies who will channel millions – if not billions – of pesos through you, in order to lease or purchase facilities, procure equipment, and provide employment to thousands of Filipinos.”

Aquino said SMBC could finally provide its clients with a complete menu of onshore corporate banking services – from deposits to foreign currency trading and even trade financing.

“This ceremony represents the beginning of a new chapter of SMBC’s ties with the Philippines, one that cements your position in our local banking industry,” he said.

During his visit to Japan in December of 2013, Aquino said it was SMBC that put forward the suggestion to liberalize the Philippine banking industry.

In line with his administration’s philosophy, Congress passed Republic Act 10641 in July of 2014 or barely seven months later, he added.

Aquino expressed gratitude to Senate President Franklin Drilon and Speaker Feliciano Belmonte Jr. for the very speedy passage of the bill.

“We were extremely pleased to see that SMBC remained first in line in the application process, and now possesses the distinction of being the first foreign bank approved for a Philippine operating license under this new law,” he said.

“These are all milestones we achieved together; these are all milestones that show the depth of SMBC’s confidence in the Philippines. This is something for which we are extremely grateful: that, whether in 1995 or the present, you saw the vast potential of the Philippines – and you chose to take action and to partner with us in realizing the very same.” 

Aquino said five other banks had been approved under RA 10641 and the government hopes to see more set up shop and create stronger linkages with other countries. 

“That, I believe, is the best thing about our gathering… not only does it serve as the official welcome of SMBC to the Philippines, it also heralds the beginning of an era for the Philippines: one in which we are ready to face head-on the challenges of competing, innovating, and thriving on a global scale,” he said.

Aquino said trade and investment between the Philippines and Japan were high.

In 2014, Japan was the country’s top trading partner, with trade volume at around $19.15 billion, he added.

Japan is also the top source of Investment Promotion Agencies-approved foreign investments in the same year.

Companies like Toyota and Tsuneishi have productive relationships with the Filipino people in endeavors from automobile manufacturing to shipbuilding, he said.

Aquino said another example  is  International Wiring Systems Philippines (IWSP), a wiring harness company based in his home province of Tarlac, working under the Sumitomo Group.

“IWSP found themselves competing with firms based abroad, which benefited from working under the North American Free Trade Association (NAFTA) Agreement. Despite being at a severe disadvantage, they still edged out their competition and won lucrative contracts from three big car manufacturers in the United States,” he said.

Aquino  said the Philippines also has a more friendly environment for investors now, citing the growth evident in the retail sector.

“Brands that were once found only in Japan have become staples in the Filipino household – like Uniqlo, which has grown extremely popular for offering affordable, yet high-quality clothing. During my visit to Japan last June, I had the opportunity to meet with Mr. Tadashi Yanai, the chairman of Fast Retailing Co., which is the group that runs Uniqlo and many other businesses,” he said.

Aquino said Uniqlo had established 27 out of an initial target of 200 stores in the Philippines and noted his meeting with Yanai “left me with the distinct impression that they possessed a rather healthy impatience to accelerate their expansion and put up the 173 remaining Uniqlo branches in the soonest possible time.”

“They aren’t the only ones who seem extremely eager to expand in the Philippines,” he said.

“Last October, a 500-man delegation from Japan attended the 17th Asia-Pacific Retailers Conference and Exhibition (APRCE) here in Manila – the largest foreign delegation to attend the APRCE. Interest in investing in our country seems to be at an all-time high – and we intend to keep it that way.” 

Aquino expressed confidence that SMBC would have many more successes to come.

“You would not have come here if you had not predicted the same for yourselves – if you did not see that the Philippines is a country in which you can thrive,” he said.