More US firms raring to invest in PH

ABOUT six American firms engaged in manufacturing, IT-business process management and infrastructure are expected to firm up their planned investments and expansion plans in the Philippines within the year to take advantage of the country’s economic gains.

This development was an offshoot of a successful road show held by the Philippine government in the United States earlier this month, Trade Undersecretary Nora K. Terrado said.

Terrado said the government conducted a series of investment seminars in New York, Chicago and Las Vegas attended by hundreds of prospective US-based investors. On the sidelines, Terrado and her team were able to conduct one-on-one meetings with 12 American firms that have strongly expressed their interest to be part of the country’s economic success story.

“We are optimistic that the planned investments (of about half of the 12 companies) would come into fruition this year. Some would be investing, while others were expected to sign long-term contracts to operate facilities built by a local firm,” she said. She said these firms wanted to take advantage of the country’s skilled workforce and infra development.

She said the US companies they met with are interested largely in the healthcare information management and infrastructure services. Trade officials also met with angel funders, venture capitalists and incubators, all of which were interested in technology-driven services or products. Other firms were engaged in industries that support the supply chain for automotive parts, she added.

The companies, however, raised concerns over logistics and congestion, she said.