His Excellency Secretary Albert F. Del Rosario
Department of Foreign Affairs
Honorable Director General Lilia B. De Lima
Philippine Economic Zone Authority
Honorable Acting Assistant Secretary Bernardita L. Catalla
Department of Foreign Affairs
Distinguished Guests from the Philippine Government,
It is a great pleasure for me to sign with Honorable Secretary Albert F. Del Rosario, the Exchange of Notes on the Development Policy Support Program on Investment Climate (DPSP-IC).
Since my arrival here last May, I see increased Japanese investors' interest in the Philippines. The administration committed to eradicate corruption, solid macroeconomic figures, above all, y oung, hospitable, English-speaking, and growing population are factors attracting the investors.
The entry into force of the Japan-Philippines Economic Partnership Agreement (JPEPA) in December 2008 is also an important factor. JPEPA is providing a useful framework in enhancing our economic and strategic partnership. Just last week, on 26th September, we had the 5th meeting of the Sub-Committee on Improvement of Business Environment under JPEPA. The relevant Filipino authorities, PCCI and JCCIPI, the Embassy and officials from Tokyo shared information and discussed together issues such as taxation, electricity supply, logistics, etc.
Predictability, transparency and consistency are the key to promote further investments to the Philippines. We understand that each authority is struggling to make ends meet. However, we should not lose sight of the overall picture and the long term consequences of our action today. The Sub-Committee is providing such perspective.
The purpose of this program loan (DPSP-IC) is to support the Philippine government in improving business environment issues as discussed under the Sub-Committee. The Asian Development Bank is a partner in this program. The resolution of VAT refund issue, improvement of customs procedures, supply of cheaper and stable electricity, and improved infrastructure will not only help Japanese but also Philippine investors. Further investments in this country will create more job opportunities and reduce poverty.
To conclude, let me express my sincere hope that the program will help the Government of the Philippines and the people of the Philippines in realizing their objective of sustainable and inclusive growth.
Maraming salamat po at mabuhay tayong lahat!
Embassy of Japan in the Philippines