A STRONG yen benefits the Philippines economy, says Robert de Ocampo, the country's finance secretary.
'What is happening with the yen is that the Japanese are going to invest abroad, and they have shown their eagerness to invest in the Philippines,' he said.
Mr de Ocampo said he had talked to a group of businessman from Japan's Chamber of Commerce, most of whom had expressed interest in investing in the Philippines.
Currency market pressures had played a large part in the decision to move more of their manufacturing to the Philippines.
The strong yen makes manufacturing in Japan too expensive for many Japanese industries.
Mr de Ocampo's positive approach to the yen's rapid rise against the US dollar contrasts sharply with the usual complaints from the region about the strong yen's potentially dire impact on the economies of Southeast Asia.