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HomeLatestPBBM vows 'easy' operations of Japanese buyers in PH

PBBM vows ‘easy’ operations of Japanese buyers in PH

MANILA – President Ferdinand R. Marcos Jr. on Thursday pledged to make sure the “continued and smooth” operations of Japanese buyers within the Philippines.

Marcos made the vow in his assembly with high executives of Japan-based semiconductor, electronics and wiring harness companies on the Okura Hotel in Tokyo.

“I believe that by initiating dialogue and addressing issues in an interactive and proactive manner, we hope to send a message of commitment towards a continued and smooth operations of all of Japanese investors in the Philippines,” Marcos mentioned in the course of the roundtable dialogue with the Japanese enterprise leaders.

The roundtable assembly serves as a platform for 11 main Japanese companies which have investments within the nation to lift a number of points and hearken to the Marcos administration’s options to deal with their issues, in accordance with Trade Secretary Alfredo Pascual, one of many Cabinet secretaries who attended the roundtable assembly.

Marcos mentioned his administration would reply to the Japanese enterprise executives’ issues, together with the value-added tax (VAT) refund points and manpower necessities.

“We have listened to your concerns and your issues, and we intend to respond to these challenges with a whole-of-government approach. The hope is that our strength in these sectors will beget more strength in the entire Philippine industrial landscape to the benefit of the Philippines and also of our partners and our investors,” he mentioned.

“And it is why we have taken note of the comments that you have made specifically in the areas of the VAT exemption, in the problems of logistic and supply chains, and to that end, the infrastructure development in the Philippines has actually been accelerated,” Marcos added.

Marcos additionally emphasised that his authorities places a premium on the operation of Japanese firms within the Philippines being the nation’s prime job generator, help supplier for sectors essential to industrial growth and worth creator by means of innovation in manufacturing all over the world.

In a Facebook put up, state-run Radio Television Malacanang (RTVM) mentioned the Marcos authorities and its Japanese companions additionally mentioned attainable enterprise expansions and essential updates on the buyers’ operations within the Philippines.

Also tackled was the influence of the attainable partnerships on the Philippines’ financial progress, notably when it comes to particular know-how, job creation, and trade growth, the RTVM mentioned.

Aspiration to be ‘hub of excellence’

During the roundtable dialogue, Marcos bared the Philippines’ aspiration to grow to be “hub of excellence” for key sectors that the nation has “natural comparative advantage,” noting that his administration’s financial agenda is pursuing an investment-led export progress technique.

Marcos mentioned his administration additionally goals to achieve the nation’s standing as a “regional hub for printers, wiring harnesses and other electronic goods.”

The Philippine wiring harnesses exports have been rising on common by 9 % yearly, over a 20-year interval, from 2000 to 2021.

To date, the Philippines serves because the fourth largest exporter of wiring harnesses on the planet.

The automotive wiring harness market is predicted to surpass USD93 billion this yr, with international demand for higher gasoline effectivity and electrical autos fueling progress within the coming years.

Upskilling, reskilling of Filipino employees

Marcos mentioned the Philippine authorities can even step up its efforts to upskill and reskill Filipino employees to spice up their competitiveness below the brand new international economic system and technological advances.

This, as Marcos emphasised that giving the Filipino workforce the correct coaching and help would allow the Philippines to supply the technical manpower.

“We also consider very important the programs that you have elucidated here today about the upskilling and reskilling of our workforce,” Marcos advised the Japanese enterprise leaders. “It’s very clear that we are shifting in the world economy, away from the more traditional, industrial activities to a high technology world.”

Marcos is presently on a five-day official go to to Japan to strengthen Manila and Tokyo’s collaboration in a variety of areas, together with agriculture, renewable power, digital transformation, protection and infrastructure. (PNA)