...the investment climate

More inbound investment missions coming

 

By BERNIE CAHILES-MAGKILAT

March 16, 2011

MANILA, Philippines – The government will bring in various inbound missions from Indonesia, Singapore, India, Europe and Middle East countries, Trade and Industry secretary Gregory L. Domingo said.


Domingo said this following the successful state visits of President Aquino to Indonesia and Singapore and the recent trip of Board of Investments managing head Cristino L. Panlilio to the Qatar and Doha and Europe. Domingo himself headed an investment mission to India.


“We will bring them in so they can see for themselves the changes and have a firsthand view of the investment opportunities in the country,” Domingo said.


According to Domingo, the challenge now is to carry inward investment missions from these countries.

By bringing the foreign businessmen into the country, they themselves would be able to answer the usual concerns of investors on stability of business and ease of doing business.


Domingo said that the recent state visits of President Aquino in Indonesia and Singapore was very successful where the President has one on one meetings with the decision makers.


“Our measure of success is the fact that we were able to convey to the decision makers, the biggest taipans in Indonesia to start looking into the Philippines again,” he said.


In Indonesia, Aquino has one-on-meetings with the owners of Bakhri, Lippo, Salem and Pangetsu.


Domingo said the Salem Group does not need any convincing because it has huge investments in the country already, but the company is looking at other investments here whether in agriculture, petrochemicals and certain manufacturing to complement what they are at present.


In Singapore, the President has also met with a much bigger group and a smaller group of 15 businessmen, who are all captains of industries. Singaporean firms are interested in the Philippines PPP projects.


Both Singaporean and Indonesian firms are interested in tourism projects.


Domingo has made it a policy to prioritize inbound investment missions rather than outbound because that would be more effective. Outbound missions would be conducted only to very targeted markets and companies.