The high turnout of participants during the Medical Devices Industry Webinar held recently is a testament that the Philippines remains to be an attractive business destination and partner for Japanese medical devices and products manufacturers despite the pandemic.
The virtual event was jointly organized by the Philippine Trade and Investment Center in Osaka, the Philippine Consulate General in Osaka, the Osaka Chamber of Commerce and Industry, and the Philippine Board of Investments (BOI) to apprise Kansai-based companies with the latest information on doing business in the Philippines and opportunities in the medical devices industry under the country’s new reformed tax system.
BOI Governor Angelica Cayas provided updates on the Philippine business environment through a keynote presentation, where she highlighted the country’s signs of economic recovery and its good bilateral relations with Japan.
She also discussed the new menu of incentives available through the new Corporate Recovery and Tax Incentives for Enterprises Act.
“It is a major game-changer for investors in the Philippines since it rationalizes, modernizes, and offers more incentives,” she explained as she invited Japanese companies to explore opportunities in the Philippines. “As the Philippine economic situation continues to improve, we hope that you will look at our country more closely as a valuable contributor to your global business’ growth.”
This was echoed in the presentation of BOI-Manufacturing Industries Service Director Evariste Cagatan.
She encouraged Japanese companies to look at the opportunities in investing in the country’s medical devices industry.
“With a world-class electronics industry, abundance in intellectual talent, ready access to key markets, and ultra-cost efficiencies, the Philippines is where design, development, and manufacture of medical devices go hand-in-hand with profitability serving international and rapidly growing markets,” she said.
The BOI official shared the medical products that are currently being produced and exported by the Philippines, such as syringes, ventilators, IR thermometers, and personal protective equipment.
She added several of the world-class medical devices companies in the country are Japanese such as Arkray, Terumo, JMS Healthcare, Atomed, Yokoisada, and Tokai Medical Products.
One of these companies provided a testimonial in doing business in the Philippines. Finding success in the country, Terumo Philippines Corporation President Toshiyuki Akaike shared the company’s operations and experiences.
“Starting its operations in June 2000, Terumo Philippines has been producing and offering high quality medical devices in the country for more than 20 years now. Currently, we have 3,000 employees in our factory in Laguna Technopark”, Akaike said.
He said the company’s continued growth in the Philippines may be attributed to the highly proficient talent pool, cost-competitive labor rate, generous investment incentives, and continued support of the government.
Philippine Commercial Counselor to Osaka, Emmanuel Ang, said Japan is the third largest market in the world in terms of medical expenditure.
It is complemented by the Kansai Region’s strong presence in medical devices manufacturing and life sciences industries in general.
“The region accounts for around 30 percent of Japan’s total non-pharmaceutical medical products manufacturing, and hosts a large cluster of biomedical-related university and industry research institutions for medical devices as well as 16 percent of all the Japanese companies engaged in medical-related manufacturing,” he said. – Press release
