TRADE and Investment secretary Ramon Lopez boasted of the country's strategic location as the gateway to 620 million combined market population of Asean region and five other important trading partners, as he pitched the Philippines as a potential investment destination to Japanese companies in Asia.
In his presentation before the key Japanese government officials and senior business executives at the Philippines-Japan Business Forum at the Waterfront Insular Hotel Davao on Friday, Lopez said the country was to enter an economic "sweet spot," meaning the country is in a situation where more young Filipino workers are available in the labor force.
Aside from being at the center of the 10-country Asean, he said the Philippines is also strategically closer to world's advanced economies like China, South Korea, Australia, New Zealand, India, and Japan.
The Philippines has an existing free trade agreements with these countries, Lopez said.
He said prospective investors would enjoy an immense market size if they choose to invest in the Philippines.
"If you sum up the population of all those countries in Asean, plus six other countries, it is already one-half of the world's population, and it covers 1/3 of the world's economy," he said.
The trade official said he believes the young Filipino population will propel the economy of the country which, in effect, will also benefit the foreign investors doing business in the Philippines.
"If you imagine, many of these young population are empowered, educated, and with purchasing power, in effect, you will have a wider base for consumers and since they are young, it will take many years for us to enjoy and even grow further this consumer base that we have," he said.
"On human capital, we have a rich pool of talented Filipino graduates," he said.
Citing the 7.1 percent gross domestic product as of third quarter of 2016, Lopez also banked on the country's strong economic fundamentals to draw more foreign direct investments.
"It is the faster growing economy. There is a revival of manufacturing, growing by 8 percent , higher than the service sector, which continues to grow by 6.1 percent. All the positive indicators - inflation has been stable, improving our ranking in the competitiveness index, business confidence and consumer confidence on the rise, and many other positive macroeconomic indicators - have been there," he said.
Philippine economic team is upbeat that after the Business Forum with Japanese investors, with more investments expected from Japan to be poured in the country particularly Mindanao.
Lopez said the forum enables both investors from Japan and Philippines to network and discuss viable business opportunities for stronger economic ties.
In his message, Mindanao Development Authority (Minda) Secretary Datu Abdul Khayr Alonto, in his presentation, said that Mindanao is honored by the historic visit to Davao City of Prime Minister Shinzo Abe and delegation of Japanese officials and business leaders.
"The visit does not only rekindle the historic ties shared between Davao City and Japan , but has brought the Philippine-Japan relations to a new level, one founded on shared aspiration for Mindanao's peace, progress and formation," Alonto said.
Some 100 investors from both countries gathered during the forum, over 20 of which are from the Japanese delegation.
He underscored before the Japanese investors that Mindanao "is open and ready for business", thus a viable investment destination.
Alonto said Mindanao, an undiscovered gem, is endowed with key ingredients for a prime investment area within the country, blessed with an abundance of primary resources including minerals, and possesses vast scope for economic growth and diversification owing to Mindanao's BIMP-Eaga connection.
Alonto also shared about the key strategies under Minda's Mindanao Corridors Development Plan and lauded the continued support of Japan thru Japan International Cooperation Agency.
Davao City Councilor Danilo Dayanghirang, in behalf of City Mayor Sara Duterte, showed optimism that the forum will translate to opening of more doors for inclusive development and progress between two countries, especially, in the cities and provinces within the island region.
In a bid to enhance investor confidence, Dayanghirang said the City Government is strengthening its peace and security programs.
Davao City Chamber of Commerce and Industry, Inc. new president Ronald Go, for his part shared that after the successful forum, better things are yet to come in Mindanao.
"With a G7 leader finally visiting Davao, we are excited with the prospects for more business opportunities here. He shows not only the people of Japan that he is confident in this area, but the rest of the world as well," Go said.
He added that the visit by the Japanese delegation composed of business leaders complements well for the increased economic activity for Davao City.
