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Aquino’s 2-nation journey nets $2B in new investments


President Benigno Aquino III. AFP PHOTO/TED ALJIBE

WASHINGTON—President Benigno Aquino III’s weeklong trip to the United Kingdom and the United States has secured for the Philippines at least $2 billion worth of fresh investments from foreign businessmen eager to participate in the country’s growth story.

In a briefing on Thursday evening (Friday morning, Philippine time), a Palace official said Mr. Aquino secured the commitment of power generation firm GN Power Ltd. for a $1-billion investment in two coal-fired power plants in Bataan province.

“The plants should be operational by 2015,” Presidential Communications Secretary Ricky Carandang told reporters, explaining that it takes three years to complete a power plant, on the average.

Mr. Aquino also secured the commitment of US-based research and development firm Underwriters Laboratories to put up a global research center in Metro Manila.

Carandang said the investment for this project was small in dollar terms but would hopefully result in “some kind of knowledge transfer to local workers.”

On top of this, another $1.03 billion worth of investments was sealed in the United Kingdom, he said.

Mr. Aquino will meet with officials of Citigroup on Friday morning (late Friday night, Manila time) and additional initiatives may come out of the discussions, including support from the US financial giant for the government to develop a mobile phone-based payment system, according to sources familiar with the issue.

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Tags: Aquino US-UK trip , Aquino’s United Kingdom-United States trip , Investments , President Benigno Aquino III

  • sigena

    investment? hintayin mo pag dating parang chismis lang yan. wala din , jobless pa rin karamihan

  • robrano

    It has to justify Noy;s travel expenses, even he will not really get any centavo investment just because he is begging for. Investments come on strict profit calculations, not on any visiting official.

  • jtpa

    Finger’s cross.

  • http://joboni96.myopenid.com/ joboni96

    total project cost yan

    karamihan nyan
    sourced from local capital market

    ibig sabihin
    pera nating mga pilipino
    sa mga intsik kastinoy dayuhan banks etc

    brainwashing sa atin
    para hangang hanga tayo
    sa mga dayuhan

    bumiputra law na

  • http://pulse.yahoo.com/_JKL2EZCWKX2XKUPTCHEFTV5HQ4 Romeo

    Ganyan din ang mga sinasabi ng mga dating presidente.luma na style.

    • http://profile.yahoo.com/ZUGKMNYSK2ZSSS4B2LVNDWP5XM lagalag

      Ur crab mentality.

  • jm20_510

    This is good news!

    Wag nyo na pansinin ang mga nega mag-comments. Wag natin kalimutan na ang Pilipinas ay 3rd World (or 2nd – Newly Industrialized). Ibig sabihin marami mahihirap at tatanga-tanga na hindi maitindihan ang simpleng effect ng foreign investment sa bansa. Daming pinapagraduate ng High School dahil sa awa ng teacher kahit ‘di naman nila maintindihan ang simpleng concept ng subject na Economics.  

    Wala naman sila naitutulong sa Pilipinas kaya kung hindi man sila maniwala ay bahala sila sa buhay nila. Kami na middle class ay walang reklamo sa takbo ng ekonomiya. Meron kaming trabaho, kahit papaano nakakapagrelax, at masaya kami na maraming mga bagong challenging jobs na dumadating sa bansa.

  • palaigit

    ill only believe it if i feel the change in economy, im sick of the news and media of the surge of our economy, but still i cannot feel the change, basic commodities are still not that cheap.though fuel lowered prices but for sure in a couple of weeks or even days, it would increase back to near P60 again.

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