Philippines eyes Malaysian investments

Malaysian businessmen are “excited” about the Philippines and intend to explore more investment opportunities in agriculture and agribusiness, housing, finance, tourism and infrastructure, Vice President Jejomar C. Binay said.

“They (Malaysian businessmen) are attracted by the broad business opportunities and a business environment that encourages growth. They gladly welcome the new policy directions set by the administration of President Aquino promoting transparency and a level playing field,” he said.

The Vice President was in Malaysia from May 27 to 29 as head of an official delegation that included 35 business leaders. This was the first high-level Philippine delegation to visit Malaysia in five years.

Binay said the revival of the Malaysian-Philippines Business Council, which included some of the big names in Malaysian business, and the successful holding of the Philippines-Malaysia Investment Partnership Forum showed Malaysia’s interest in investing in the Philippines.

“I believe my interaction with the Malaysian business community has further fueled their enthusiasm. Before my departure for the United States, I was informed that several investors would be arriving in Manila within the next few weeks to explore investment opportunities here,” he said.

While in Kuala Lumpur, the Vice President witnessed the signing of a memorandum of understanding between the MTD group of Malaysia, Isabela Power Corp. and Greenpower Resources Corp. for the construction of nine mini-hydro power plants in Isabela worth $240 million.

“These power plants will add about 80 megawatts to Luzon’s electric power grid, and will be implemented within three years,” he said.

Binay said economic interactions between the two countries had not been lopsided, as Philippine businesses had also made inroads into Malaysia.