Dec

16

Japan’s economy shows recovery through its remarkable growth performance, buoyed by private consumption.

This rise in consumer spending was due to the surge in demand for eco-friendly cars and cigarettes in anticipation of the imminent expiration of government subsidies for cars and the rise of tobacco prices.

Because of this positive development of the world’s third largest economy and to prevent a potential double-dip recession, Japanese economists prod their government to continue to assume an easy fiscal and monetary policy stance.

This economic improvement bodes well for the Philippines.

The Philippines is better positioned to take advantage of its preferential trade agreement with Japan.

Nearly 81 percent of the country’s exports to Japan have been enjoying duty-free access to the Japanese market since 2008 when the Philippines-Japan Economic Partnership Agreement (PJEPA) entered into force. Tariff barriers on almost all textile and apparel goods have already been dismantled.

Exports of the Philippines to the same from January to September grew by 28 percent to $5.7 billion. This far outpaced the 12 percent growth of the country’s imports from Japan, which stood at $4.96 billion.

During said period, Japan figured as the country’s largest export market and source of imports with bilateral trade balance in favor of the Philippines.

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Reference:

“RP to get more benefits from pact with Japan.” 13 December 2010. ┬áThe Sun Star Cebu. 14 December 2010. Link Here


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