Philippines entices Turkish firms

The Department of Trade and Industry (DTI) is promoting the Philippines as an ideal investment destination for businesses based in Turkey.

The Philippines is an ideal base for business because it is strategically located in the “fastest-growing region” and flanked by two great trade routes—the Pacific Ocean and the South China Sea, Trade Undersecretary Cristino L. Panlilio said in a statement.

He said the DTI had sent a business mission to Ankara, Turkey, where Philippine representatives encouraged members and officials of the Union of Chambers of Commodity Exchanges of Turkey (TOBB) to explore trade and investment opportunities in the Philippines.

Panlilio said the Philippine business delegation highlighted “magical ten” indicators.

These include the unprecedented growth of the stock market, stable and resilient economic growth, continuous inflow of overseas Filipino workers remittances and the steady export growth despite the global economic slowdown.

“The country’s location is a critical entry point to over 600 million people in the Asean market and a natural gateway to the East Asian economies. The country is likewise placed at the crossroads of international shipping and airlines. Within Asia, the Philippines is reachable within three to four hours by plane,” Panlilio said.

Other major advantages are the Philippines’ young and English-speaking talent pool, business supportive government, first-class lifestyle and attractive investment incentives.

“On the country’s physical infrastructure, the three main islands of Luzon, Visayas, and Mindanao are made accessible by a network of roads, waterways and airports,” Panlilio said.

The Turkish Chamber of Commerce of the Philippines, for its part, is hosting in Manila this week a business mission of entrepreneurs from Turkey.

The chamber will be hosting delegates from various sectors such as construction, renewable energy, mining, tourism, food and beverage, furniture, textiles, chemicals, aviation, logistics and financial services.

Turkey is one of the world’s fastest-growing economies, with a gross domestic product (GDP) growth rate of 8.5 percent in 2011.

From 2007 to 2011, total trade between the Philippines and Turkey increased by 7.8 percent.

Total Philippine exports to Turkey amounted to $33.9 million in 2009, $61.88 million in 2010 and $66.37 million in 2011.