PH ranks 7th ‘most promising’ for overseas operations over next 3 years — survey
THE Philippines ranked as the 7th most promising country/destination for overseas operations over the next three years in a survey conducted by the Japan Bank for International Cooperation (JBIC).
According to the survey among 530 Japanese companies in 2020, “the actual amount of foreign direct investment has been steadily increasing, and there is high evaluation of qualified human resources.”
Japanese companies also chose the Philippines as “good for risk diversification to other countries.”
The Top 10 Countries in the JBIC Survey for 2020 were: China, India, Vietnam, Thailand, US, Indonesia, Philippines, Malaysia, Mexico, and Myanmar.
The survey report also described the Philippines, along with Myanmar and Malaysia, as “persistently popular” among Japanese manufacturers.
In terms of major industries for overseas business in the mid-term, the Philippines was placed at Top 5 for electrical equipment and electronics, Top 8 for automobiles, and Top 8 for general machinery.
The Philippines was also Top 7 over-all in 2019.
Philippine Ambassador to Japan Jose Laurel 5th welcomed this positive news, saying that “this affirms the strong economic fundamentals of the Philippines as recognized by several international credit rating agencies.
We expect the economy to rebound in 2021 and the Philippines remains a conducive place to do business,” he added.