More US investors taking second look at PH

More and more American businessmen are “taking a second look” at the country as a viable investment site, according to  Jose L. Cuisia Jr., Philippine envoy to the United States.

In a statement issued by the Embassy of the Philippines in Washington D.C., Cuisia cited the Manila visit of US President Barack Obama last month, the removal of the Philippines from the US piracy watch list and the termination of labor rights review as catalysts in the renewed interest of US investors in the Philippines.

“Many corporate executives and investors in the United States are eager to do business with us after hearing for themselves the economic transformation that is taking place in the country now,” Cuisia was quoted as saying after the two-day Houston leg of the third private sector-led Philippine Investment Roadshow, which was marked by a “huge turnout.”

In his speech, Cuisia urged Houston businessmen to “take advantage of the rapid economic growth of the Philippines as well as the natural and human resources” the country has to offer.

“I encourage you to consider business opportunities in the Philippines because of the country’s strategic location, highly educated bilingual and talented workforce, its democratic system, a business-friendly environment, attractive tax incentives for key projects, and being part of a larger Asean market which promises a large consumer base of 600 million with strong purchasing power,” Cuisia was quoted as saying.

The Philippines, he said, is well-positioned to serve as the “perfect gateway” to Asean, adding that “American businesses in the region are optimistic that their profit and growth outlook for their firms in the Philippines are very bright and encouraging.”

According to the envoy, “the Philippines has made impressive strides towards creating a positive business climate.”

One positive development he cited was the decision of the US Federal Aviation Administration to reinstate the Philippines to Category 1 aviation safety rating, which would allow Philippine flag carriers to expand air routes to the United States.

This decision will benefit both countries because it will create more opportunities for trade and tourism, Cuisia said.

“We are very excited to work with the Philippines and connect Houston businesses,” The Philippine embassy quoted Reggie Gray, Houston Intercontinental Chamber of Commerce president, as saying.