Wednesday, 2 June 2010

PHILIPPINES: JPEPA boosts remittances, FDIs

The implementation of the Japan-Philippines economic partnership agreement (JPEPA) not only gave a boost to Philippine exports to that country but to investments and remittances from Japan as well.

In a report on the outcome of the second sub-committee meeting on the improvement of the business environment last May 24, the Department of Trade and Industry (DTI) noted that foreign direct investments from Japan to the Philippines increased in 2009, and thus the Japanese share of FDI to the Philippines in that year reached 58 percent.

Remittances from Japan to the Philippines also increased from $575.2 million in 2008 to $773.6 million last year. This was a 34.5 percent increase and pushed Japan’s ranking as a source of OFW remittances to the Philippines to number 5 from number 7. Read more

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