US investors seek fresh investment opportunities in PH
American firms have set their sights anew on investment prospects in the Philippines under the nearly five-month-old Marcos administration, with fresh eyes on several promising local sectors that are on the list of the government’s priorities.
Last week beginning Oct. 25, the US-Asean Business Council (US-ABC) held a four-day conference with Philippine government officials to share their policy priorities and areas for cooperation and collaboration.
“American businesses have long invested in the Philippines, many for over 100 years, and US firms are committed to stay and expand economic engagement in a country that shares historic ties, common values and aspirations with the United States,” said Michael Michalak, senior vice president and managing director of US-ABC.
“The business confidence is palpable and the Council and our members see more opportunities as the new administration starts implementing priority programs in support of SMEs (small and medium enterprises), health, energy and digital economy,” he added.
Advocacy group
The US-ABC touts itself as the premier advocacy organization for US corporations operating in member-countries of the Association of Southeast Asian Nations (Asean), which include the Philippines.
The business group has more than 170 member-firms, which have generated almost $7 trillion in revenue and employs more than 14.5 million people today.
Stephen Braim, the council’s Philippines committee leadership co-chair, said the Philippines was well-poised to take advantage of its position as the second-largest IT services global provider.
“It is heartening to hear the Philippine Government’s focus on connectivity and inclusion and the delegation applauds the latest investment-enabling measures the government has put in place to promote more economic growth,” said Braim, who is also vice president for government affairs at the American multinational technology firm IBM.
Sabin Aboitiz, president and chief executive officer of Aboitiz Group, who is also the lead convener of the Philippine government’s private sector advisory council, said the new administration had taken all the necessary steps to make it as easy as possible for American companies and investors to do business in the country.
“The President and his team truly listen to the business community and treat us as real partners,” Aboitiz said in a statement.
According to statistics from the Philippine Economic Zone Authority, around 420 US enterprises were registered with the investment promotion agency as of last year, contributing at least P400 billion worth of investments and employing more than 300,000 workers. INQ
