Philippine President Gloria Arroyo on Thursday hailed “a new era of economic relations” with Japan after a trade deal took effect last year, and called for more Japanese investment in her country.
The trade deal is officially called Japan-Philippine Economic Partnership Agreement, or JPEPA.
President Arroyo, who arrived in Japan on Wednesday for a working visit, was to meet with Prime Minister Taro Aso later in the day to discuss economic ties, North Korea’s May nuclear test and other issues, foreign ministry officials said.
“With the entering into force of the joint paper, now we open a new era of economic relations,” the President told Japanese business leaders, referring to the bilateral free-trade deal that took effect in December 2008.
The agreement “needs adjustments for both parties, but the net result of this agreement will benefit both of our economies,” she said. “Let me say to the Japanese business community: For growth, even through the global crisis, invest in the Philippines. Trade with the Philippines.”
Mrs. Arroyo and Japan’s then-Prime Minister Junichiro Koizumi agreed on the economic partnership agreement in 2006, Manila’s first bilateral free-trade deal.
The Philippine Senate did not ratify the deal until October last year, as environmentalists warned it could make the country a dumping ground for Japan’s toxic waste.
The pact removes all tariffs on about 94 percent of bilateral trade by value and allows Philippine nurses and care workers to work in Japan on a long-term basis. Remittances make up about 10 percent of the Philippine economy.
Tokyo is the largest trading partner for Manila, while Manila is the second largest destination for Japanese foreign direct investment after the United States, according to the Japanese foreign ministry.
‘Samurai’ bonds
A local media report in Japan also said the Philippines was considering selling up to $1-billion worth of yen-denominated bonds—so called samurai bonds—to help ease budget difficulties.
Connection with this issues their are lots of our fellow Filipino who against on this including me. With 14 Senators the JPEPA was approve and this senators are follows:
Miriam Defensor Santiago, Manuel Roxas III, Edgardo Angara, Rodolfo Biazon, Alan Peter Cayetano, Jinggoy Estrada, Juan Ponce Enrile, Gregorio Honasan, Panfilo Lacson, Loren Legarda, Ramon ‘Bong’ Revilla Jr., Miguel Zubiri, Manuel Villar Jr., and Lito Lapid.
There are only 4 senators who voted against the approval of the treaty. They were Aquilino Pimentel Jr, Ma. Consuelo ‘Jamby’ Madrigal, Francis Escudero, and Benigno ‘Noynoy’ Aquino Jr.
If you notice that most of the senators who vote for JPEPA is a candidates for the 2010 Presidential Elections.
Tanong:
1. Are you in favor of JPEPA..?
2. Is this agreement did not violate our provisions of the 1987 Constitution..?
3. How we can assure that their is no anomaly happened on this agreement..?
4. Is the purposed of JPEPA is for our country or only for the few people in our country.