In Davos, gov’t execs out to drum up trade for Philippines

Philippine government officials will be meeting not only with their foreign counterparts at the World Economic Forum in Davos, Switzerland, this week, but also with prospective investors to further boost the Philippines’ image as an investment destination, Trade Secretary Gregory Domingo said.

“We want to strengthen Philippine relations with other governments. And we’re having several roundtable discussions with top CEOs,” Domingo said.

The country’s top trade official said the forum in Davos would be a good opportunity to boost the Philippines among foreign investors, especially those based in the European Union, which is still a major market for Philippine goods and a potential source of investments despite the financial crisis now rocking the region.

Philippine economic managers want to promote the country to make it a top-of-mind destination for investors seeking faster growth areas, Domingo said. “We’re going to spread the good news of the good things that are happening here in the Philippines.”

Growth of the Philippine economy in 2012 was estimated at 6.5 percent, rebounding from that of the previous year. The National Economic and Development Authority is set to announce the actual economic performance at the end of the month.

In 2011, the Philippine economy grew by just 3.9 percent from a high of 7.6 percent in 2010. Also, a total of P8.5 billion in investment pledges were made in 2012. Officials want to attract more this year, especially in manufacturing, which is a big job creator.