The 35 LOIs between the Philippines and Japan included partnerships in manufacturing, infrastructure development, energy, transportation, healthcare, renewable energy and business expansion to improve foreign investor confidence.
”He cited the passage of economic liberalization measures —such as the Retail Trade Liberalization Act, Public Service Act, Foreign Investments Act and Corporate Recovery and Tax Incentives for Enterprises Act—as steps taken by the government to “offer more encouraging incentives to support foreign businesses, including those from Japan.
He said the two countries both saw how their respective micro, small and medium enterprises went through “a very, very rough time during the lockdowns,” with many going out of business while still doing their best to support their employees.Also on Friday, the Department of Trade and Industry reported that Secretary Pascual cosigned agreements with Japanese business representatives.