RMRII named Presidential Special Envoy
RMR Capital Chairman Dr. Reghis M. Romero II, DHum, has been named Special Envoy to Japan by two presidents.
His first appointment was given under the incumbency of President Rodrigo R. Duterte. Then, Dr. Romero II was reappointed to that post by President Ferdinand “Bongbong” R. Marcos Jr. not long after the elections last year.
Thus, Dr. Romero II’s reappointment hinted on his achievements as special envoy for business and investment promotion, he having been a successful businessman and investor himself.
His latest accomplishment was the highly successful revival of the business partner city (BPC) agreement between Manila and Osaka for the first time after 20 years.
The renewed vigor in implementing the BPC agreement took place recently in Manila in less than six weeks after President Marcos Jr.’s official state visit to Japan, with Dr. Romero II as member of the Philippine delegation.
To ensure the continued and reinvigorated implementation of the BPC agreement, Dr. Romero served as patron of the almost week-long event, which has yielded large investment prospects from Osaka, a premier international port city. Osaka’s gross regional product of US$362.5 billion and population of 8.8 million are comparable with Singapore’s, currently the Philippines’ top source of foreign investments.
“The reinvigorated implementation of the BPC agreement highlights the significance of Osaka as the largest city in the western part of Japan and whose SMEs (small and medium enterprises) account for eight percent of the national total. And around 65 percent of Osaka’s industrial production, according to JETRO (Japan External Trade Organization), is performed by SMEs,” Dr. Romero II pointed out.
The BPC agreement between Manila and Osaka was signed on October 27, 1989 and was last implemented some 20 years ago even as both cities have undergone major leaps in economic development, particularly on SMEs.
Japan’s Ministry of Economy, Trade and Investments placed the capitalization of Japanese SMEs in manufacturing and other industries at up to Y300 million or US$2.28 million (P124.55M) and up to 300 employees, wholesale up to Y100 million or US$758,639 (P42M) and up to 100 employees, and service up to Y50 million or US$379,319.50 (P21M) and also up to 100 employees. These are much larger than the SMEs in the Philippines with only 10 to 199 employees and assets of from only P3 million to P100 million
“Most significant, though, is how the recent arrival of investors from Osaka SMEs has tested the unity of the PBBM administration as a truly cohesive government machinery,” Dr. Romero II stressed.
“We have just concluded the 3-Day Osaka-led BPC Mission to Manila, which included the official delegation of other member cities from around the world, and it brought to the fore the efficiency of cooperation, complementation and synergy among the city government of Manila, the Department of Trade and Industry, the Philippine Board of Investments, the Philippine Trade and Investment Center (PTIC) and the Philippine Consulate General Office in Osaka, the Philippine Economic Zone Authority, the Police Security and Protection Group of the Philippine National Police, and the private sector as represented by the Philippine Chamber of Commerce and Industry, Lima Technology Center and the Aboitiz InfraCapital Economic Estates, all cooperating like clockwork for the entire duration of this historic event,” Dr. Romero II proudly said.
“The PTIC organized a full itinerary that included investment fora and opportunity briefings, economic zone site visits, market scoping activities, a roundtable conference, and a half day B2B business matching event, all organized in cooperation with those government agencies and other partners,” Dr. Romero II added.
Dr. Romero II organized a wreath-laying ceremony and Military Honors at the Rizal Monument in Luneta Park before hosting an elaborate business networking luncheon at the historic Manila Hotel.
The networking luncheon had DTI Assistant Secretary Glenn G. Penaranda welcoming the Osaka investors and other foreign guests while underscoring the ongoing global realignment of supply chains as a result of recent geopolitical conflicts, DTI-Osaka and Philippine Consulate General Commercial Counsellor Michael Alfred V. Ignacio highlighting the full support of the city government of Manila and Special Envoy Dr. Romero II, Osaka city government delegation head Mako Orihara expressing appreciation for the warm reception from the local and national governments, business delegation lead Makoto Yagi vowing to continue the BPC platform as a legacy from their predecessors, and Councilor Numero “Uno” Lim and Vice Mayor Yul Servo Nieto citing Manila as an open city for investments and innovations, with Dr. Romero II elaborating on the economic advantages of the Philippines as a potentially preferred investment destination for Japanese businesses.
Asked about his focus on foreign direct investments (FDIs) even while promoting trade, Dr. Romero II cited the emerging opportunities for the Philippines to host Japanese investors moving out of China.
“Moreover, FDIs involve pouring dollar-denominated capital into the economy, thus quickly raising our GIR (gross international reserves), pushing up positively our BOPs (balance of payments), creating jobs, increasing capital assets, generating productivity, filling in the gaps in the local supply chain, opening or propping up domestic and foreign trade opportunities, and beefing up manufacturing and real estate development, thus boosting GDP growth that trickles straight down to the masses,” Dr. Romero II said.
