Mexican companies are eyeing to infuse some $2 billion in fresh investments in the Philippines, a country identified as a priority area in their pivot to Asia, specifically the Association of Southeast Asian Nations.
According to the Department of Trade and Industry, the bulk of the investments, seen to further strengthen the bilateral commercial ties between the Philippines and Mexico, are expected to be allocated to the local telecommunications sector. These, however, are still under negotiations.
The plans were bared by Mexican Ambassador to the Philippines Julio Camarena Villaseñor during a recent courtesy call to Trade Secretary Ramon Lopez.
Total investments between the two economies reached $6 billion in 2015.
“Mexico, a strong economic ally of the Philippines, has poured its biggest investments in the Philippines compared with other Asean economies. The ambassador mentioned that Mexico invests more in the Philippines than China, Japan, Korea and other Asian countries. In fact, among Mexico’s two largest companies, Cemex, a multinational building materials company and Femsa, a world-leading Coca-Cola bottler company, are both present in the Philippines,” Lopez said.
He said both the Philippines and Mexico were also eyeing to establish a joint economic committee.
He said the Philippines would continue to maximize economic opportunities with Mexico, promising in return to simplify the processes of doing business here.
In 2015, Mexico ranked as the Philippines’ 28th largest trading partner (out of 223), 19th biggest export market (out of 211), and 40th import source (out of 203). It is also the country’s second largest major Latin American trading partner.
The DTI, through its Philippine Trade and Investment Center (PTIC), recently opened its first office in the Latin American region in Mexico City. PTIC-Mexico covers the Central and South Americas.