The US financial crisis should not be viewed purely in a negative light, as it can also open doors of opportunities for the Philippines in terms of new investments and export earnings, Trade and Industry Secretary Peter Favila said Wednesday.

Investors in affected markets, mainly the United States, will likely seek new destinations?those that would provide them with a ?safe haven? for their investments, Favila told reporters.

?It?s understandable that there are psychological reactions,? he said. ?We?re taking measures to ensure that we don?t get caught up in the upheavals in [the US] market.?

?There is some discomfort among investors in affected markets,? he noted. ?We can tell them that the Philippines is more than happy to receive them when they look for a safe haven that has not been affected that much by the US crisis.?

Favila said the Board of Investments (BoI) and the Philippine Economic Zone Authority (PEZA) remained on track to achieving their investment targets.

The targets are a 12-percent growth annually, to P391 billion this year, P438 billion in 2009 and P490 billion in 2010.

?We?re confident that we can still meet our targets, given the performance of the past six months,? Favila said.

Official documents show BoI- and PEZA-registered investments reached P281 billion in the first half, representing 72 percent of the full-year target.

On exports, Favila said the Philippines would continue to focus on nontraditional markets such as the ASEAN 4?Cambodia, Laos, Myanmar and Vietnam?and Eastern Europe to keep from depending too much on markets affected by the US crisis. Edited by INQUIRER.net