The Philippine Chamber of Commerce and Industry (PCCI) and the Japan Chamber of Commerce and Industry (JCCI) signed an agreement on Tuesday to deepen economic cooperation between the two Asian countries.
The memo of understanding (MOU) was signed by PCCI president George Barcelon and JCCI chairman Ken Kobayashi at a ceremony in Makati City.
Under the MOU, the two chambers of commerce agree to regularly exchange information on market data, policy, and the legal and regulatory environment for doing business in their respective countries. They will also work together to promote trade and investment between the two countries, particularly in the areas of information and communications technology and innovation, agriculture, manufacturing, franchising, tourism, and small and medium enterprises development.
Barcelon said the signing of the MOU “signal[s] the start of greater collaboration” between the two countries. He noted that Japan is the Philippines’ second largest trade partner and its top source of official development assistance (ODA).
JCCI’s Kobayashi emphasized that the Philippines’ “stable and high-level economic growth in recent years” have attracted Japanese investors to develop their operations in the country, expecting increased workforce population and domestic demand.
The signing of the MOU is a positive development for the Philippine economy. It is expected to boost trade and investment between the two countries, which will create jobs and generate growth.
Source: PhilNews24 | October 24, 2023
