TOKYO, Japan – From Overseas Filipino Workers (OFWs) to Overseas Filipino Investors (OFI).

This is the vision of President Gloria Macapagal-Arroyo for OFWs as she urged the Filipino community in this East Asian nation Friday to invest in real state, the stock market, government bonds and treasury bills, and other small and medium enterprises back home to help the government sustain the country’s economic growth

In her speech before hundreds of Filipino migrant workers at the Imperial Hotel here, the President noted that through their remittances, the Philippine economy has attained a stable growth.

"Kailangang sundan natin ang sakit ng pagtaas ng buwis sa pakinabang na nanggagaling sa makabuluhang investment ng tao at sa mga proyekto ng sa ganon ay masisigurado natin na ang kaunlaran ay hindi mababaliktad," she explained.

The President said that henceforth, all Filipinos working abroad should not be called Overseas Filipino Workers (OFW), but instead, Overseas Filipino Investors (OFI).

"Kayong mga OFW ay nagsimula nang mag-invest ng inyong kita sa ating bansa kaysa gamitin lamang ang inyong remittances para suportahan ang inyong mga pamilya. Dapat ang itawag sa inyo ay hindi na OFWs kundi OFI," the President said.

The President noted that OFW remittances continued to increase through the years, directly benefiting human resource capital by means of education, health care, and other basic services.

She said that OFWs will directly benefit from the Japan-Philippines Economic Partnership Agreement (JPEPA) since the accord would open the flood gates for more job opportunities in the second largest economy of the world.

TOKYO, Japan – Toyota Motors Corporation (TMC), Japan’s biggest automobile company, has donated $3 million to the Philippine government for the reforestation of some 3,500 hectares of denuded areas in Cagayan Valley.

Akira Okabe, TMC senior managing director, handed the donation to President Gloria Macapagal-Arroyo during a courtesy call on the Philippine leader Thursday afternoon at the Imperial Hotel here in Tokyo.

He told the President the donation was TMC’s contribution to the Philippine government’s reforestation program and a token of his company’s appreciation for the good working conditions obtaining in the country.

He pointed out that the favorable business climate in the Philippines has contributed greatly to the success of TMC’s operations in the country.

In return, the President reiterated her thanks to Okabe for Toyota's continued trust and confidence in her administration as shown by TMC’s decision to expand its R-type transmission plant in Sta. Rosa City, Laguna.

Okabe told the President that Toyota’s prospects in the Philippines remain bright as the demand for Toyota automobiles continue to soar in both local and foreign markets.

The President, on March 15, 2007, led the groundbreaking rites for Toyota Autoparts Philippines (TAP) R-type transmission plant funded under the company’s P5.6 billion expansion program.

TAP, the company’s global production and supply hub of manual transmissions will build a new facility within the Toyota Special Economic Zone’s 82-hectare manufacturing plant in Barangay Pulong Sta. Cruz, in Sta. Rosa City.

After Okabe’s call, the President also received Japan Bank for International Cooperation (JBIC) Governor Kyosuke Shinozawa who assured her that JBIC would continue to support development projects in priority sectors in the Philippines.

I have just returned from my trip to Tokyo. Foreign relations play a vital role in a strong Philippines. An essential component of a modern vision for the Philippines is our continued engagement with the region and the world. We need to be competitive at home. We need to compete for investments abroad if we are to succeed.

Our trip to Japan to join other leaders like Prime Minister Abe and Prime Minister Bhadawi was another step in our quest to further cement our ties and bring more investments, economic growth and peace and stability to our nation.

During the trip, I reaffirmed to the international community, including investors, the media and Japan's leader, that the Philippines has never been stronger and more ready to join the ranks of Asia's tigers. Just as we have been successful in the past by luring more Japanese investors, so too are we confident that even more investments and job-creation will follow in the aftermath of this successful trip.

We eagerly engaged with Japanese business leaders to convince them that the Philippines is the best value in Asia today and the best place to invest. And on bilateral relations, Japanese Prime Minister Abe has declared his intention to take an even more active role in shaping the peace in Mindanao. Nothing could be better for the Philippines than more investment and peace and stability coming out of Mindanao.  

During our trip, we negotiated/secured the following:

JICA:

New country assistance program for the next 5 years in 3 priority development areas: 1) sustained economic growth aimed at the creation of employment opportunities, 2) poverty reduction 3) assistance for peace and stability in Mindanao: Malmar Irrigation Project State II, Kaebulnan Irrigation Project Maganoy Dam Phase, Awang-Upi-Lebak-Kalamansig Road

Just a few months ago, we were proud to announce that Marubeni and Tokyo Electric made a $3.5 billion investment in the Philippines and would add another $500 million. Their investment in the Philippines is no mistake: Japan is sitting up and taking notice that the Philippines is back and open for business. Our economy and gains against poverty are proof the plan is working.

So, too, on this trip to Japan we met with business and financial leaders from Japan to again tell the Philippine story and encourage them that the Philippine turnaround is here to stay, that our politics have stabilized, and that we are the best value in Asia.

Nomura Holdings:

Expressed interest in the privatization of government shares in San Miguel, Meralco, PNOC-EDC.

Marubeni:

Aside from $4 billion in power already committed (to be funded by JBIC), Marubeni is looking at other power projects.

Aizawa Securities (No. 15 stockbroker in Japan):

Launched $100 million Philippine Fund to raise investment for RP

Aside from $300 million mining expansion in Palawan, a new $1 billion mining in Surigao del Norte is undergoing feasibility study (to be funded by JBIC).

Yazaki Corp:

Expansion of existing investments. Yazaki supplies 30 % of wiring harness in the world.

Terumo Corp:

Pharmaceuticals. On an expansion mode, expected to create thousands of additional jobs.

JBIC:

Power sector development program ($300 million) for NPC

Pasig-Marikina River Channel Improvement for flood control ($70 million)

Agno River Irrigation Project (P4 billion)

Toyota:

Chose RP over Malaysia in ongoing $100 million transmission plant; $3 million in reforestation in Cagayan; P1 billion localization plant

Opposition is part of democracy and is expected in the Senate ratification process. As I have been saying, Philippine democracy has been renewed after a vigorous mid-term election. Now it is time to come together to forge a common path forward among all.

I believe the Senate will listen to all and weigh the issues. Adequate explanation as to how the Agreement works and what the expected immediate  and long-term benefits are, will convince any reasonable Senator to support ratification. Japan has already ratified on their side. Thailand and Malaysia which signed their agreement with Japan later than us, have already ratified their respective agreements.