The Philippines is experiencing a record number of inbound business missions. The Board of Investments (BOI) recorded a total of 487 inbound business corporation visits from January to October, 2012 – 147 individual company visits and 34 multi-company delegation missions.
The Department of Trade and Industry expects the visit of more business missions from six countries –
- German
- Sweden
- Italy
- England
- Turkey
- France
The above six countries to explore investment opportunities to help attain the goal of R300 billion investments this year are on top of traditional investment sources such as Japan, South Korea, and Taiwan. The increase in inbound missions is attributed to transparency and dynamism of the Aquino Administration, and the confidence of foreign investors. The Philippines is among the world's booming markets; international credit ratings agencies upgraded its rating to an investment grade, citing a steady growth pace. There is also renewed interest from the United Kingdom (UK), France, and Canada, and growing interest in non-traditional markets like Russia, Turkey, Middle East (Oman, Iran, Qatar, Kuwait, Abu Dhabi), and Nigeria.
In November 20-23, 2012, the Philippines welcomed, for the first time in 65 years, a big Italian business delegation, the Confederation of Italian Industries, Italy's biggest association of manufacturing and services companies, that met with trade associations here such as the Philippine Chamber of Commerce and Industry, the Federation of Filipino Chinese Chamber of Commerce and Industry, the Italian Chamber of Commerce of the Philippines, and the European Chamber of Commerce of the Philippines. The UK Trade and Investment, the body that connects UK firms to the global market, is considering ways to tap the Republic of the Philippines' economy and invest in infrastructure, health care, and transport.
A Philippine business mission to Ankara, Turkey, last year presented to investors the country's growing economy, indicated by unprecedented growth in the stock market, inflow of overseas Filipino workers remittances, steady export growth, 22% increase in BOI approvals, domestic financial sector, efficient revenue collection, and improving global competitiveness ranking. In 2012, there were 18 outbound missions, a number of which were BOI-led, to Taiwan, Singapore, Korea, Malaysia, Japan, Hong Kong, China, Australia, and Cambodia, for prospects in electricity generation and transmission, hydropower, tourism, energy, e-vehicle, agro-business, shipbuilding, and investments in economic zones and in Mindanao.
The Manila Bulletin, led by its Chairman of the Board Dr. Emilio T. Yap, President and Publisher Atty. Hermogenes P. Pobre, Executive Vice President Dr. Emilio C. Yap III, Editor-in-Chief Dr. Cris J. Icban Jr., Business Editor Loreto D. Cabañes, Officers and Employees, congratulate the Department of Trade and Industry headed by Secretary Gregory L. Domingo and Board of Investments Managing Head Undersecretary Adrian S. Cristobal Jr., and wish them all the best and success in their partnership to attract more foreign investors to the Philippines. (http://bit.ly/Xb3LgQ)
Manila Bulletin
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