The Philippines ranked 7th in terms of being a promising prospect for business operations over the mid-term (next 3 years) in a survey conducted by the Japan Bank for International Cooperation (JBIC) among Japanese companies in 2020.
According to the survey, “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. According to JBIC, 530 Japanese companies participated in the survey.
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 C. Laurel V welcomed this positive news and remarked 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.”