The Philippines expects increased foreign direct investments mostly from Japan in 2014, as Tokyo companies committed to go into local manufacturing, banking, and power projects. Trade Secretary Gregory Domingo said the Philippines ranked high on the list of Japanese investments and that Japan wanted to increase trad
The Philippines expects increased foreign direct investments mostly from Japan in 2014, as Tokyo companies committed to go into local manufacturing, banking, and power projects.
Trade Secretary Gregory Domingo said the Philippines ranked high on the list of Japanese investments and that Japan wanted to increase trade and investment opportunities here.
Domingo cited three major factors that Japanese investors are looking for in the Philippines—good economy, conducive environment for business and friendly people.
The Philippines' traditional competitors like Thailand, Vietnam, Malaysia, and Indonesia remain in Japan's list of preferred investment sites “but the Philippines is the apple of their eyes for now,” Domingo said.
The government said with the strong interest of Japan in the Philippines, it may rise as the top foreign investor in 2014.
The bulk of the investment pledges came from Energy City Philippines Holdings Inc., the proponent of a liquefied natural gas storage facility in Bataan, with an investment pledge of P45.65 billion (US$1 billion).