GOVPH

JAPAN CONTINUES TO BE A VALUABLE PARTNER IN SUPPORT OF PH’S DEVELOPMENT

The University of the Philippines Los Baños (UPLB) College of Public Affairs and Development organized a webinar on “The Philippines-Japan Economic Relations: Post-Pandemic Era” held on 23 March 2022.

Dr. Susumo Ito, Graduate School Dean of the University of Niigata Prefecture, discussed the impact of COVID-19 on the Philippine economy, the effects of the recently adopted Regional Comprehensive Economic Partnership (RCEP) and how it restructured global trade partners and supply chains, and possible areas for further economic collaboration between the two countries.

As discussant, Ambassador Kazuhiko Koshikawa cited that the Philippines is the 8^th Largest Host Country for Japanese companies in the world, and 7^th Most Promising Country for Japanese manufacturers in 2021. He added that the Philippines continues to be an attractive destination to Japanese companies due to the growth potential of the local market and as an inexpensive source of labor.

Ambassador Jose C. Laurel V agreed with Professor Ito’s recommendations and stressed that there are still many areas in the Philippine-Japan relationship to explore, seeing as the Philippines continues to see Japan as a valuable partner in support of the country’s development objectives.

The webinar is still available in UPLB’s Facebook page at https://www.facebook.com/cpafuplb/videos/390501599174410.

PHILIPPINE ECONOMIC BRIEFING 2022: UPDATES ON PH ECONOMY AND FUNDING PLAN FOR 2022

31 January 2022 – The Philippine Economic Briefing 2022, organized by the Daiwa Securities Group, Inc., the Department of Finance (DOF), and Bangko Sentral ng Pilipinas (BSP), and attended by more than 250 registered participants, aims to provide economic updates and information on the funding plan for the Philippines for 2022.

In his remarks, Senior Executive Managing Director, Mr. Hironori Oka, stated that “Despite the pandemic, the Philippine economy has remained resilient and continued to be recognized by global investors. Japan Nikkei, for example, noted a 7.7% year-on-year growth in the Philippine economy for Q4 of 2021.”

“We, at Daiwa, are committed to support the Philippine funding and economic development,” Mr. Oka affirmed.

Ambassador Laurel delivered his remarks and highlighted Japan’s unwavering and long-standing support, as “it continues to be one of our significant key partners in trade, investment, and development assistance, ranking as the Philippines’ top investing country in 2021.”

On behalf of Finance Secretary Carlos G. Dominguez, Undersecretary Mark Dennis Joven provided updates on the Philippine economy, particularly on Samurai bond issuances, vaccine inoculation, the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE) law, and PH’s green projects, among others.

Undersecretary Joven also mentioned that economic bills are being deliberated for passage, which will make the Philippines more attractive to foreign investors and introduce improvements in the property valuation system and in the taxation on passive income and financial intermediaries.

BSP Governor Benjamin E. Diokno also provided updates on the Philippine Economy post-COVID-19 and how it plans to maintain its economic growth momentum. He stated that the Philippines retained its positive momentum and grew 7.7% in the 4^th Quarter of 2021. This brings the full year GDP growth figure to 5.6%, which exceeds the government’s revised forecast range of 5 – 5.5% and brings more confidence of an even brighter economy prospects.

He confirmed that the Philippines’ economic fundamentals will remain sound, and that the accelerated vaccination program, implementation of economic recovery measures, and pursuit of key structural reforms will continue to lessen the long-term scarring effects of the pandemic, and ensure a robust growth trajectory for the Philippine economy.

HARD ROCK CAFÉ BRINGS SPECIAL FILIPINO LUNCH MENU TO ROPPONGI

With the successful promotion of the special Filipino menu under the Eat’s More Fun in the Philippines campaign, Hard Rock Café restaurant in Roppongi, Tokyo will be offering the Chicken Inasal Plate as a Filipino lunch menu from 17 January to 31 January 2022.

Unlike the Chicken Inasal sandwich served by the restaurant last year, the Chicken Inasal plate will come with a side of rice, salad, and pickled vegetables, and will only be available during lunch.

Hard Rock Café restaurant continues to be one of the Embassy’s partners in promoting the Philippines as a culinary destination and bringing awareness to the Japanese with regards to Philippine food.

The Eats More Fun in the Philippines campaign is part of the efforts of the Philippine Embassy, through its Tourism Section, to keep the Philippines top of mind in the travel plans of the Japanese public when international borders open and tourism travel returns to normal.