MANILA, Philippines—The electronics industry on Tuesday asked President Benigno Aquino III for assistance in securing investments during his trips abroad.
“We have been working hand-in-hand with the DTI’s (Department of Trade and Industry’s) Board of Investments and PEZA (Philippine Economic Zone Authority) to explore the growth sectors in the electronics industry so we can create value propositions which your office could use for business trips abroad to invite investors,” said Danilo Lachica, president of the Semiconductor and Electronics Industries in the Philippines.
Lachica told Aquino, who was the keynote speaker at their general membership meeting, that the industry hopes he could talk to heads of multinational companies and “convince them to set up or expand their business operations in the Philippines.”
In his speech, Aquino credited the industry for contributing 42.2 percent or $24 billion of the country’s total exports and employing 331,000 workers, in addition to 2.3 million indirect employees.
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During the open forum, Aquino said that in his recent trip to the United States he was able to speak to a consumer appliance manufacturer.
“He stated during our meeting that he saw a report on the Philippines, perhaps a CNN program, and because of this he was encouraged to seek us out and to start exploring the potential of moving his operations from that particular country to the Philippines. He was that gung-ho,” the President said.
“In fact, he was not just looking for contractors for his products but actually even promising to provide engineering scholarships to provide the necessary talent for the continued R&D that he needs,” he added.
Aquino explained that the Philippines’ electronics sector has been “ignored for the longest period of time” but that it has already “gotten back into the limelight.”
“We do intend to maximize our exposure by really proving to all investors that it is really worth their while and a very sounded decision to invest not just in the country but more importantly in the people,” he said.
Trade Secretary Gregory Domingo added that the government was working to increase a better business environment in the country.
“Actually in the last four years, we’ve seen really a huge increase in our Foreign Direct Investments, (FDI) starting out with about a billion in 2010; it went up to 2 billion in 2011; and about 3 billion in 2012; and 3.8 billion, 2013. And as of the latest figure writing up to August, it’s already 4 billion dollars FDI this year,” he said.