The Japanese Embassy in Manila has noted a surge in interest from Japanese companies looking to tap into the Philippine market, driven by the country’s consistent economic growth and recent policy changes. During the Japanese National Day celebration in Taguig City, Ambassador Endo Kazuya highlighted the significance of the newly passed CREATE MORE law, officially known as the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy Act.
Ambassador Endo pointed out that the Philippines’ steady economic progress and the relaxation of foreign investment restrictions are key factors attracting Japanese businesses. He noted the expansion of Japanese retail brands such as Uniqlo, Daiso, and NITORI in the Philippines, signaling a growing Japanese commercial presence.
The CREATE MORE law, enacted in November with its implementing rules signed on February 17, aims to enhance the Philippines’ appeal to both local and international investors by offering a more competitive, investment-friendly, and predictable tax incentives framework.
Ambassador Endo also emphasized Japan’s commitment to furthering economic cooperation with the Philippines, mentioning ongoing Japan-supported infrastructure projects like the Metro Manila Subway, the North-South Commuter Railway, and the Davao City Bypass.
Looking ahead, Endo anticipates an increase in Filipino investments in Japan, particularly in the food and service sectors, as bilateral economic ties deepen. He also highlighted the robust two-way tourism between the two nations, with over 800,000 Filipinos visiting Japan in 2024, and nearly 388,316 Japanese tourists traveling to the Philippines, making Japan one of the top three sources of foreign visitors.
To further facilitate travel, the embassy is planning to transition to a Visa Center, aiming to streamline the visa issuance process and boost people-to-people exchanges between Japan and the Philippines.