PH Highlights Economic Growth, Policy Reforms, and Opportunities at Messe Nagoya 2022 Investment Forum
From left to right: PTIC-Osaka Commercial Counsellor and Director Michael Alfred Ignacio, BOI Executive Director Evariste Cagatan, DTI Undersecretary and BOI Managing Head Ceferino Rodolfo, Consul General Celeste Vinzon Balatbat, BOI Executive Director Ma. Corazon Dichosa, Consul Fernando Beup, and Vice Consul Jericson H. Arceo pose in front of the Philippine Investment Information Booth as part of Philippine participation in Messe Nagoya 2022. (Nagoya PCG photo)
NAGOYA, 21 November 2022 – The Philippine Team in Nagoya urged Japanese companies participating in the Philippine Investment Forum held at Port Messe Nagoya on 17 November 2022 to take advantage of the growing economy, policy reforms, and investment opportunities in the country in the new normal.
Philippine Consul General to Nagoya Celeste Vinzon-Balatbat welcomed participants at the Forum. “We are optimistic that as the impact of the pandemic eases, cross-border trade and investments would significantly improve, notwithstanding the headwinds brought by the conflict in Ukraine, the emerging geopolitical issues, and the resulting disruption in the global supply chain,” she said.
Dr. Ceferino S. Rodolfo, Undersecretary for Trade and Industry and Managing Head of the Board of Investments, presented the Philippine economic strategy embodied in its policy reforms and multiple investment opportunities.
In his keynote, Undersecretary Rodolfo presented the recovery and growth of the Philippine economy from the effects of COVID-19 as the manufacturing industry rose to being 2nd in ASEAN in January to October 2022. PH exports also grew by 14.4% and foreign direct investments (FDI) by 82% in 2021.
Undersecretary Rodolfo cited key policy reforms to reduce the cost of doing business in the Philippines. Recent game-changing laws include the Corporate Recovery and Tax Incentives for Enterprise (CREATE) act, and the amendments made to the Retail Trade Liberalization Act (RTLA), Foreign Investment Act (FIA), and Public Services Act (PSA).
“These economic policy reforms seek to attract foreign investment by providing bigger fiscal incentives to investors, lowering capital investment requirements for retail traders and startups, and enabling 100% foreign ownership of various service utilities in the Philippines,” said Undersecretary Rodolfo.
The Philippine Trade and Investment Center – Osaka also opened the Philippine Investment Information Booth at the exhibition fair on 16 November 2022 with the aim of promoting Philippine goods and products, and investment opportunities for the duration of the Messe Nagoya 2022 until18 November 2022.
Messe Nagoya 2022, is an international cross-industrial trade fair and exhibition which helps products and services expand their sales channels and connect with investors and industries. The event started in 2006 as a successor to the EXPO Aichi.
The Greater Nagoya area is one of Japan’s three major economic regions, which is a hotbed of Japan’s manufacturing industries, such as automobile, aircraft, and machine tools, with the reputation of being the largest in Japan, in terms of scale. END
For more information, visit https://nagoyapcg.dfa.gov.ph/ or https://www.facebook.com/nagoyapcg/.