Foreign investor confidence in the Philippines remains high as American and British companies continue to explore potential trade and investment opportunities in the country.
According to the Department of Trade and Industry (DTI), an 11-member business delegation from the US was recently in the country to look at the infrastructure and public-private partnership (PPP) projects offered by the Philippine government.
The economic mission from San Diego, California was composed of representatives from the US government, business development advisory and consultancy firms, as well as companies engaged in the medical, energy, and transport fields.
Trade Undersecretary Ponciano C. Manalo Jr. said that there are a lot of PPP projects that investors can participate in. They can help not only in the construction of roads and bridges, but also of schools, hospitals, and prisons.
Audie de Castro, head of delegation and Philippine Honorary Consul of San Diego, added that while there is a huge interest to invest in the country, many of the members also want Philippine companies investing in San Diego.
“As far as I can hear from the delegates and people who are interested, they are asking a lot about the real estate here because real estate is a hot market in the San Diego county. We have heard a lot about how real estate has really improved in the Philippines. And of course, we have seen Ayala and Megaworld making their ways to Southern California. So, real estate is one of the easier ways to invest in the country,” De Castro explained.
He said San Diego also wants to attract Filipino medical professionals. “I think there is a high level of respect for the medical profession here in the Philippines, and San Diego is a haven for medicine. We have a lot of best medical schools in the country… and have a lot of strong life sciences industry there.”
In a separate statement, the British Chamber of Commerce of the Philippines (BCCP) said that over 21 UK-based companies have shown interest in investing in the country following the successful conduct of a web-based seminar on how to do business in the Philippines.
According to BCCP, participants in the webinar represented various sectors such as food and beverage, tourism and leisure, software and technology, consulting, export trading, water management and energy.
These UK-based companies are either looking at setting up business in the country or are looking to export their products to the Philippines.
According to BCCP, Board of Investment (BOI) Director Domingo Bagaporo gave an informative discussion on business setups, the Philippine advantage and opportunities in the country.
The BCCP is set to hold another webinar in September focusing on exports.
It is also organizing two trade missions later this year as it hopes to translate the interest of UK companies into concrete investments.
Government officials earlier said that UK-based firms are similarly interested in a number of increasingly lucrative industries in the country such as business process management, aerospace, PPP projects, tourism, and insurance and finance.