JAPANESE-FILIPINO JOINT VENTURES 55 ing, and at the same time raise a few important policy questions: 1) Our findings show that the major joint ventures to be found in the Philippines are those between the giant transnational conglomerates, on the one hand, and the handful of big Filipino capitalists, on the other. To what extent does this phenomenon compromise the vaunted goal of democratization of wealth that is supposed to be achieved under the auspices of foreign investments? (Cf Section 2 on the "Declaration of Policy" of the Investment Incentives Act or R A 5186). 2) We have found that in comparison to the TNGs' massive control of information, technology, capital and markets, the local Filipino capitalist projects a pitiful sight; and that in actual practice, the Filipino capitalist often has no qualms about surrendering organizational control as long as he is assured of his share of the profits. To what extent can a corporation of this nature be truly responsive to the requirements of an integrated, self-generating, self-directing programme of national economic development? 3) We have found that local capitalists tend to freeze conditions of labour in the joint ventures, intead of sharing the benefits of increased productivity. We have found that in many instances, they seem to see this as their own positive contribution to the profitability of the joint venture. Shouldn't government agencies start thinking seriously of restoring labour's right to strike and to demand better working conditions? 4) We have found that transnational corporations have very strong motives for investing in the Philippines, and that these motives are firmly grounded on their own global comparative assessment of international opportunities. Is there a real need then for the lavish incentives and tax holidays that the ^host" government now dangles before transnational corporations to entice them to invest in the Philippines? 5) This brief study has focusccf attention solely on the Japanese-Filipino joint ventures. This concentration has been primarily motivated by the availability of good data on these corporations, as well as by the high visibility—owing perhaps to their recency—of the Japanese led corporations. The point is that while Japanese capital has made successful inroads into the Philippine economy, it should not be forgotten that this same economy remains very much a major playground of the American TNGs. What new forms has this American participation assumed in the last few years after the declaration of Martial Law? What have been the actual consequences of so-called American divestment and/or "Filipinization" of corporate ownership? In the course of