MANILA, Aug. 9 -- Japanese investors remain confident in doing business in the Philippines, Department of Trade and Industry (DTI) Secretary Ramon Lopez said Wednesday.
"There's strong confidence on the current administration and the good growth momentum anchored on positive economic reforms and fundamentals," Lopez told reporters in a text message.
The DTI chief made the statement after a report on data from Japan External Trade Organziation (JETRO) showed that foreign direct investments (FDIs) from Japan dropped 56.6 percent to USD561 million in January to May 2017 from the same period in last year.
"It was the one time transaction between Bank of Tokyo and Security Bank last year that caused the difference in the decline of FDI from Japan," Lopez said.
April last year, Bank of Tokyo Mitsubishi UFJ bought 20 percent stake in Security Bank amounting to USD792 million.
"Disregarding this transaction, FDI from Japan for the period January to April 2017 would show an increase to USD82.32 million from USD57.81 million in January to April 2016, disregarding the USD792 million equivalent of such transaction," he added.
It was also noted that government investment mission in Japan last March has gained around PHP198.5 billion worth of investment interests from Japanese businesses.
Most of these interests were from sogo shosha or those diversified Japanese conglomerates. (PNA)
