Wednesday, May 23, 2007

Japan Philippine Economic Partnership Agreement

Also known as JPEPA

A reminder that that I put together notes for the Japanese Legislative Agenda and JBIC yesterday (22 May 2007) as part of the brief of the BSP Governor.
  1. They'll sign a side agreement, to be signed by the two countries’ foreign ministers, will have Japan promising not to export materials considered illegal in the Philippines
  2. A recent report from the Japan Center for Economic Research showing how the ASEAN plus 3 (Japan, Korea and China) grouping would directly benefit the Philippines.
  3. By 2020 the Philippines was projected to grow by 3.3 percent more, which, added to the current projected 6 percent, would mean a growth of 9.85 percent.
  4. With ASEAN plus 6 (Northeast Asia, India, Australia and New Zealand), the country would grow by an additional 4.10 percent, which would mean 10.20 percent.
  5. Philippines is now back on the radar of European and US investors, with the stock market at an all-time high, more foreign outsourcing and IT businesses locating in the country, and higher average growth in the past six years.
  6. With Japan back on track after a decade of economic slump and looking to its neighbors as the key to future growth in the face of its ageing population, we have to develop relationship with them.
  7. If anything, officials are worrying that investments might be coming in too fast and the peso would rise to P45:$1, which would worry exporters.
  8. Siazon pointed out that the Philippines grew 4.3 percent on the average during the past six years.
  9. The President said government activities yielded big economic rewards, including the $1-billion expansion of the US-based Texas Instruments. Tokyo Electric Power Co. and Marubeni Corp. were also making a $4-billion investment -- the largest Japanese investment in Philippine history.
  10. The two areas which the Philippines would like Japan to invest in are power and information technology.
  11. Japan is the Philippines’ second largest trading partner. In 2006, the total volume of trade was $14.7 billion, with the Philippines enjoying a surplus of P700 million.It is also the largest source of tourists, with more than 400,000 Japanese visiting the Philippines every year.
  12. Japan is also the biggest provider of official development assistance to the Philippines, accounting for two-thirds of all ODA annually and there are 200,000 Filipinos working in Japan.
  13. If the JPEPA is ratified, the Philippines can soon start sending trainees as nurses and caregivers to Japan, said Siazon.
  14. Japan and the Philippines share a Mutual Defense Treaty with the United States -- a relationship that the Philippines considers important in stabilizing the region.
  15. The President will meet with Prime Minister Shinzo Abe, who is expected to brief her on the process of amending the Japanese Constitution -- an issue now being hotly debated.
    Japan’s pacifist Constitution is seen to hamper its ability to take on a leadership role in the world commensurate with its status as second largest economy.

posted by JD @ 7:47 AM

0 Comments:

Post a Comment

<< Home