THE Duterte administration is banking on Manila’s history of good synergy with Tokyo in its move to further expand bilateral trade with Japan in the context of rebalancing Philippine foreign policy toward closer integration with Asian neighbors, according to Finance Secretary Carlos G. Dominguez III.
Japan fits in the center of the Duterte administration’s rebalancing of foreign policy toward closer integration not only with the Association of Southeast Asian Nations (Asean) economies but with Japan, China and South Korea, as well, Dominguez said.
In interviews during the President’s three-day state visit to Japan, Dominguez said, “There is a very good synergy between Japan and the Philippines. We don’t see that relationship going sour and we think it is going to progress through the years. The Philippines and Japan have a very long relationship. Japan is our largest ODA [official development assistance] donor and you know the President has said many times that he appreciates their generosity.”
In one of the interviews in Tokyo, Dominguez said Japan has been a trusted partner and that it is encouraged to further take a look at the Philippine economy.
“We want them to take a closer look at the Philippines. We are a country of 105 million people. We are growing very fast. It’s a good market for them. We want to increase our markets here for manufactured goods, as well as agricultural products,” Dominguez said.
Dominguez explained that Japan has helped develop the Philippines’s banana, car and logging industries over the years, and because of the partnership, both countries had a lot of opportunities doing business.
“Sixty years ago we established our diplomatic relationships with them and through them we have had a lot opportunity to do business. They helped develop our logging industry, they helped develop our banana industry, our car industry. So there’s a long relationship, in fact, I personally used to be the CEO of a company that was 40-percent owned by Sumitomo,” he added.
The finance chief said opening up the domestic economy and focusing on integration with Asean, as well as North Asia economies, is going to be very good for the Philippines.
“That’s a total market of 2 billion people. You have 600 million in Asean, 1.3 billion in China, 200 million in Japan and South Korea. So it’s 2 billion people and it is growing,” Dominguez said.
Socioeconomic Planning Secretary Ernesto M. Pernia also said the Philippines’s economic integration with its fellow members in the Asean, and with China, Japan and South Korea will open up for the country a lucrative market of 1.8 billion people.
Dominguez and Pernia said that, while the Duterte administration will maintain good relations with Western economies, it will push for stronger integration with its neighbors in the region.