More foreign investors are coming to the Philippines, looking for various investment opportunities that will allow them to take advantage of the country’s booming economy.
The state-run Bases Conversion and Development Authority (BCDA), for one, received expressions of interest from foreign real estate developers during the second Urban Land Institute (ULI) Asia Pacific Summit held in Shanghai, China, last month.
Trade missions from the United States, meanwhile, continue to pour in as well, with the latest delegation coming from the state of Utah.
BCDA president and CEO Arnel Paciano D. Casanova noted that the word was out in the global investment community that the Philippines had achieved investment grade status and had recorded the highest GDP (gross domestic product) in the region.
“With the recent investment upgrade, sound economic fundamentals and the good governance being carried out by the Aquino administration, the country is now being seriously considered as an investment haven,” Casanova explained.
Meanwhile, 12 representatives from eight Utah-based firms are in the country to explore trade opportunities with local private firms.
The delegation is led by Brett W. Heimburger, regional director for Asia-Pacific, International Trade and Diplomacy, from the State of Utah.
Heimburger told reporters Monday night that these small and medium-sized Utah-based companies were seeking partnerships with local traders in the sectors of plant nutrition, nutritional supplements, educator effectiveness training, student-learner skills development, medical infusion pumps and wine.
The establishment of manufacturing hubs in the country is also a possibility, according to Heimburger.
“When a company comes in and is able to develop a sizable market presence, then they start looking at ways where they can manufacture locally to service not only the Philippine market but also other markets in the area like Vietnam and Indonesia. In this trip, it’s still early stages for these companies [included in the Utah delegation],” Heimburger said.