The Philippines kept its 8th place ranking in a list of countries that, for Japanese firms, are most promising to do business in, remaining one of their favorites for the fifth straight year.
This is according to the latest report from the Japan Bank for International Cooperation (JBIC) posted late last month, a study which drew data and gathered responses from 534 Japanese firms from July 11 to Sept. 1, 2023.
The Philippines’ ranking was unchanged in the latest report, following its dip from seventh to the eighth place in 2022.
Also, India maintained the top position while Vietnam rose from fourth to second place.
China, which was previously in second place, fell to third place as the United States also dropped to fourth place from third.
Auto sector
At number five was Indonesia, up from the sixth spot, while Thailand went down to being sixth after previously being one rung higher.
The Philippines also was included in the Top 10 list when measured in terms of specific industries.
In particular, the Philippines was ranked eighth for the automobile industry, sixth in electrical equipment and electronics, and tenth in chemicals as well as in general machinery.
Japanese companies are among the top foreign investors in the Philippines.
According to records from the Philippine Economic Zone Authority (Peza), Japan is their top source of investments by country and accounts for about 27 percent of the total investments today in their economic hubs.
To date, there are around 884 Japanese enterprises located in the different special economic zones under the administration of the Peza. INQ