7 October 2014 – Philippine Ambassador to Japan Manuel M. Lopez, with the support of the ASEAN-Japan Centre and special participation of the Bank of Japan Governor Haruhiko Kuroda, hosted a reception to formally welcome a Ministerial delegation of the Aquino administration’s top economic officials, who were in Japan to lead the Philippine Economic Briefing—a high-level seminar-forum on infrastructure and investment opportunities in the Philippine economy.

Organized by the Department of Finance with support from the Philippine Embassy in Tokyo, the Philippine Economic Briefing provides a much-anticipated opportunity for the Japanese business and investor community to take advantage of the economic gains achieved through Aquinomics and emerging investment opportunities in infrastructure, banking and capital markets, energy, and tourism. The Briefing was presented by key Cabinet Secretaries, led by Finance Secretary Cesar V. Purisima, Tourism Secretary Ramon Jimenez, Public Works Secretary Rogelio Singson, and Economic Planning Secretary Arsenio Balisacan.

In his brief remarks, Ambassador Lopez welcomed the economic “dream team” of the Aquino administration responsible for steering the Philippine economy towards a better-than-expected performance. He thanked in particular the high-level executives from the eight Japanese banks that have generously provided financial support for the Philippine Economic Briefing, namely, Bank of Tokyo-Mitsubishi UFJ, Daiwa Securities, Mitsubishi UFJ Morgan Stanley Securities, Mizuho Bank, Mizuho Securities, Nomura Securities, Sumitomo Mitsui Bank, and SMBC Nikko Securities. With bilateral economic relations with Japan at or near its peak, and the Strategic Partnership firmly anchoring the relationship, Ambassador Lopez expressed confidence that the economic gains from Aquinomics—good governance is good economics—will continue to make the Philippines an attractive long-term investment destination for Japanese businesses.

The Embassy Reception was graced by the presence of no less than the architect of Abenomics, Bank of Japan Governor Haruhiko Kuroda, who took time off from his preparations for the World Bank/IMF meetings in Washington DC to graciously accept the invitation of the Ambassador to be a Special Guest of the Embassy. Governor Kuroda lauded the Philippines for its impressive growth and fiscal discipline amid a recovering global economy, citing strong domestic demand and sound economic fundamentals. Governor Kuroda encouraged the Philippine economic managers to sustain domestic reforms in the long-term and make the economy more resilient and inclusive. While bilateral economic relations are indeed robust, the Governor is hopeful that both Philippines and Japan would look to reinforce their partnership over the long-term.

Speaking in behalf of the Philippine delegation, Tourism Secretary Ramon Jimenez thanked the hosts for the warm welcome and the banks for their continuing support. He noted that throughout his stay in government, the relationship between Philippines and Japan has always been strong, evidenced by an increase in people-to-people exchanges. Japan remains the third largest source of tourist arrivals in the Philippines as of August 2014, with 310,901 tourists, or 9.51% of total arrivals since January 2014. Japan has also been instrumental to the Philippines’ renewal as one of the country’s main development partners, not only by helping it build infrastructure vital to mobility and connectivity, but also by simply lending a helping hand in times of great adversity. The Secretary reminded everyone that there is still a lot of room for growth in the bilateral partnership, and that we are on the cusp of an even more special relationship between Japan and the Philippines.

Other high-level representatives from the Japanese government that have officially endorsed the Philippine Economic Briefing were on hand to welcome the delegation, including MOFA Director-General Takio Yamada, former Ambassador to the Philippines Toshinao Urabe, JETRO Chairman and CEO Hiroyuki Ishige, JICA Director-General Toshihide Irigaki, JBIC Managing Executive Officer Atsuhiko Hatano, and Ministry of Finance Director Ishiro Oishi.

The reception served as a unique networking opportunity for the Philippine delegation and the Embassy to interact with the sponsoring Japanese banks and financial institutions and supporting Japanese government agencies. The well-attended reception, the presence of Governor Kuroda, and the closer interaction between government and private sector representatives from both sides serve as a fitting prelude to the Philippine Economic Briefing and demonstrates the meaningful economic bond between the Philippines and Japan. – END

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