00:00 From news and views, issues and opportunities, we'll have in-depth conversations with decision-makers
00:06 to find out what they know and what they think.
00:10 I'm Rico Gizon, inviting you to join the exchange because your business is our business.
00:19 The Philippines and Japan are taking relations to new heights with the official visit of
00:24 Prime Minister Fumio Kishida.
00:26 In his historic speech before the joint session of Congress, the Japanese leader highlights
00:30 stronger cooperation from defense, transport to the economy, in what he calls the golden
00:36 age of bilateral ties.
00:39 As Tokyo vows to invest more in Manila's development, Japanese establishments are further
00:44 expanding their presence in the country to become household brands.
00:49 The Philippines has largely benefited from Japan's official development assistance, or
01:04 ODA.
01:05 How will the Japanese Prime Minister's recent visit to Manila enhance Tokyo's support?
01:09 Let's now have an exchange with Takema Sakamoto, Japan International Cooperation Agency Philippines
01:15 chief representative, joining us now from Davao City.
01:19 Mr. Sakamoto, great to have you with us.
01:21 How significant is this trip of Japan's Prime Minister for business and economic ties between
01:26 the two countries?
01:28 It was a good occasion to pave the way for the next month's summit meetings.
01:34 Actually, Tokyo will hold the Japan-ASEAN Special Summit, and President Marcos, Jr.
01:42 has already confirmed to attend that, to revisit Japan.
01:45 And before that, it was a very good occasion, opportunity to reaffirm the great ties, closer
01:52 ties between two nations.
01:55 It was indeed a very fruitful visit by Prime Minister Kishida in the Philippines in terms
02:02 of economic and social development.
02:06 Are we likely to see more official development assistance from Japan through JICA?
02:14 I hope so.
02:15 And actually, it should be very noted, you know, Prime Minister Kishida had an opportunity
02:23 to deliver his message at the Congress last Saturday, and it was delivered not in other
02:33 ASEAN countries, but in the Philippines.
02:36 Actually, at the Congress speech, he delivered the principles of the diplomatic policy to
02:44 ASEAN members, and it was done in the Philippines.
02:48 This is a great testimony how Japan is highlighting the importance of, the exceptional importance
02:55 of the Philippines.
02:57 And from this point of view, two leaders mentioned several important infrastructure project names
03:05 for the possible future collaboration, like Metro Manila Subway, Dalton Pass, and PCC
03:15 capacity enhancement.
03:17 These are the examples, and I believe we can enhance our continuous or expanding cooperation
03:24 from JICA to the Philippines.
03:26 You mentioned, Sakamoto-san, a specific project, which is the Metro Manila Subway project,
03:31 which is funded by Japan.
03:34 Is JICA satisfied with the project's progress?
03:38 Yes, of course.
03:42 In general, I can say it is on track.
03:45 But of course, there are such and such challenges, of course, we are facing now.
03:49 For example, the land acquisition, and/or the appropriate time repayment to the contractors,
03:57 which are the Japanese companies.
04:00 But I believe the DOTR or other relevant agencies can manage that in appropriate manners.
04:09 And Sakamoto-san, you are...
04:12 It is promoting very, very smooth, I believe.
04:14 So we need to consider the further financial, how can I say, intervention, financial support.
04:21 And we would like to discuss this matter with the high dignitaries of the Philippine government.
04:27 Sakamoto-san, you're currently in Davao.
04:30 What are the JICA projects currently ongoing there?
04:34 Yes, there are so many.
04:36 But one of the salient examples is the Davao Bypass Tunnel Construction Project.
04:43 Actually, this is the first ever long mountainous tunnel in the Philippines.
04:49 And the Philippines has no experience in the past to have a mountainous tunnel.
04:56 So a Japanese consultant and Japanese companies are working very hard, closely,
05:02 in collaboration with DPWH.
05:05 And today I visited the site, and it was very impressive for me, which has good progress.
05:11 And which other industries, apart from infrastructure,
05:15 can the Philippines benefit from Japan's commitment to invest in the country?
05:22 Actually, the most important point of the successful Japanese prime minister's visit
05:29 is to give the strong message that JICA or Japan is really serious to, how can I say,
05:37 serious to continue or expand our cooperation to the Philippines,
05:41 which can mitigate the business risks or which can make the better perception of the market.
05:47 So every sector, every, how can I say, every sector can be boosted or encouraged
05:56 from our strong, how can I say, commitment to the Philippines.
05:59 But the logistic services or the manufacturing, agricultural sector,
06:04 or renewable energy sector, among others, would be encouraged strongly, I believe.
06:10 Thank you so much for this economic cooperation exchange,
06:13 Takema Sakamoto of JICA Philippines joining us from Davao.
06:18 Here now are the week's top business stories.
06:20 The Philippine Statistics Authority says the economy grew faster last quarter at 5.9%,
06:26 but despite the better-than-expected expansion,
06:29 the data remains below the government's target band.
06:33 Well, the country's inflation rate fell to 4.9% in October,
06:36 following the slower increase in food prices.
06:39 And the national jobless tally was slightly higher at 2.26 million in September,
06:46 and this is equivalent to a 4.5% unemployment rate among our kababayans.
06:54 And coming up on the Exchange, where your business is our business.
06:59 Will the Japanese Prime Minister's visit to the Philippines
07:02 encourage more investments from Tokyo?
07:05 The Japan External Trade Organization weighs in.
07:09 What challenges and opportunities await Japanese brands expanding in the country?
07:13 We speak to the General Manager of Mitsukoshi BGC,
07:17 straight ahead here on CNN Philippines, news you can trust.
07:22 ♪ ♪
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