The Philippines remains attractive for Japanese investors, the Department of Trade and Industry (DTI) said.
According to the DTI, companies from Japan are even expecting express lanes in the country to facilitate their investments.
DTI had a business dialogue with Japanese firms wherein they expressed their interest to explore expansion and diversification of products to be manufactured here.
Most of these firms are in the manufacturing of electronics and medical devices, the DTI added.
These Japanese firms include Brother Industries, Canon Inc., Seiko Epson Corp., Terumo Corp., JMS Co., Ltd., ROHM Co., Ltd., NIDEC Corp., Minebea Mitsumi Inc., Murata Manufacturing Co., Ltd., and IBIDEN Co., Ltd.
“However, they expressed concerns and said these plans are facing operational and fiscal bottlenecks. They cited as examples the timely issuance of travel visas for their executives and engineers, the processing and release of permits and licenses by regulatory agencies, VAT (value-added tax) and other additional taxes by LGUs (local government units), and access to Covid-19 vaccinations,” it said.