The Bangko Sentral ng Pilipinas (BSP) and key economic managers of the Philippines joined forces to underscore the nation’s impressive growth potential and expand investment opportunities at the recent Philippine Economic Briefing (PEB) held in Tokyo this year.
Photo shows BSP Deputy Governor Francisco G. Dakila, Jr. (second from right) discussing foreign investment trends during the Philippine Economic Briefing in Tokyo. With him are (from left), Nomura Philippines, Inc. President and Country Head Miguel Antonio L. Ozaeta; Budget Secretary Amenah F. Pangandaman; Socioeconomic Planning Secretary Arsenio M. Balisacan; Special Assistant to the President for Investment and Economic Affairs Frederick D. Go; Finance Secretary and Monetary Board Member Ralph G. Recto; and Morgan Stanley MUFG Securities Managing Director and Principal Global Economist Chiwoong Lee.
The event drew a remarkable turnout, with around 500 participants from Japan’s business community.
Held under the banner “PH On-the-Go: Fast-Tracking Economic Progress,” the briefing spotlighted the Philippines’ dynamic economic trajectory.
Special Assistant to the President (SAP) for Investment and Economic Affairs, Frederick D. Go, shared compelling updates on the country’s optimistic outlook and progress toward building a resilient, inclusive, and sustainable economy.
“There is no better time than now for investors to consider being part of the Philippine growth story,” declared SAP Go, emphasizing the current administration’s proactive reforms aimed at accelerating growth and attracting foreign investments.
At last year’s Philippine Economic Briefing held in Washington DC, then BSP governor Felipe M. Medalla was quoted to have said, “The BSP stands ready to use all of the tools at its disposal to manage inflation toward the government’s target of 2.0 to 4.0 per cent. The economy will be supported by price stability, financial stability, and a safe, secure, and efficient payments and settlement system.”
Highlights of the Philippine Economic Briefing
In his keynote address during the event, Finance Secretary Ralph G. Recto lauded the robust bilateral ties between the Philippines and Japan, dubbing Japan as “the Philippines’ best friend in the region.”
He urged Japanese investors to seize the opportunities within the Philippine economy, which he described as having “all the makings of a tiger economy.” Recto also highlighted Japan’s status as the largest investor in Philippine economic zones, with 806 companies operating to date.
During the first panel session, BSP Deputy Governor Francisco G. Dakila, Jr. presented the latest BSP forecasts on foreign direct investments (FDIs), revealing an upgraded net FDI projection of US$9.5 billion, up from the initial US$9 billion.
He credited this optimistic outlook to positive global economic growth prospects and the Philippine government’s steadfast commitment to achieving its growth targets. Japan emerged as a key contributor to Philippine FDIs, holding a significant 28.9 per cent share from 2019 to February 2024.
Deputy Governor Dakila also expressed gratitude for Japan’s recognition and support of the Philippines’ economic potential. “We are very happy that Japan is both recognizing the potential of the country and supporting Philippine economic growth,” he stated.
Navigating the Country’s Investment Landscape
Spearheading the briefing’s second panel session, themed “Navigating PH’s Investment Landscape: Where to Invest?” was Trade Secretary Alfredo E. Pascual.
Sec. Pascual detailed various government initiatives, such as the Strategic Investment Priority Plan (SIPP), the Build Better More program, and the amendments to the Renewable Energy Act, all of which present numerous opportunities for Japanese firms across diverse sectors, from manufacturing and transportation to healthcare and information and communications technology.
The PEB also featured high-profile attendees, including Sumitomo Mitsui Financial Group President and CEO Toru Nakashima, Tsuneishi Holdings Corporation Chairman Kenji Kawano, and Tsuneishi Shipbuilding Co. Ltd. Representative Director Hitoshi Kono.
Philippine Ambassador to Japan Mylene J. Garcia-Albano was also in attendance, reinforcing the diplomatic ties between the two nations.
The Philippine Economic Briefing in Tokyo served as a vital platform for updating the Japanese business community on the Philippines’ economic progress and the government’s strategic initiatives aimed at fostering a more attractive investment climate.
