Japanese Ambassador to invite investors to Philippines

The Japanese embassy is calling on more Japanese companies to invest in the Philippines following the recent signing of a law that amends the Public Service Act (PSA), allowing full foreign ownership in major business sectors.

Japanese Ambassador to the Philippines Koshikawa Kazuhiko lauded the signing of the PSA by President Duterte, saying the new law, together with the Foreign Investment Act and the amended Retail Trade Liberalization Act, can make the country more attractive to more Japanese investors.

“Japan is one of the top investors of the Philippines. The embassy of Japan would like to encourage Japanese companies to further invest in the Philippines,” Kazuhiko said.

Data from the Philippines Statistics Authority (PSA) showed that Japan pledged P24.54 billion worth of foreign investments to the country during the fourth quarter of 2021, making it one of the country’s top foreign investors next to Singapore and the Netherlands in that period.

Meanwhile, Kazuhiko also welcomed the completion of the rehabilitation of the MRT 3 project, which he said will reduce risk mishaps in the said line.

He hopes the concluded joint project of the MRT-3 Management and the Japanese firm Sumitomo Corporation will strengthen Philippines-Japan relations.

“We are determined to build on these accomplishments and achievements with further accelerating the excellent relations between Japan and the Philippines,” Kazuhiko said.