Phl to woo American firms during Asean meet in US

MANILA, Philippines - The government is set to present opportunities in manufacturing, tourism and agriculture to American firms next week to attract more investments into the country, a cabinet official said.

Trade secretary Gregory Domingo told reporters in a chance interview he will be informing American firms of opportunities in manufacturing, tourism and agriculture in the country when he meets with them next week as part of the Association of Southeast Asian Nations (ASEAN) Economic Ministers Roadshow to the US.

“Our weakness is in manufacturing so we would like to continue to attract (investments) in manufacturing, but for inclusive growth purposes, we want to attract tourism and agricultural activities, especially those which can provide jobs in provinces,” he said.

The ASEAN Economic (Trade) Ministers Roadshow to Los Angeles, Silicon Valley and Washington, D.C. in the US, which will be held from June 10 to 14, is being organized by the US-ASEAN Business Council in collaboration with the US government and governments of the ASEAN.

Domingo, who will be representing the Philippines in the road show, said the event is a good opportunity to encourage more firms to make investments and do business here.

Data from the National Statistical Coordination Board showed that total approved foreign investments for 2012 went up by 12 percent to P289.1 billion from the previous year’s P258.2 billion.

The government is seeking to attract more investments to sustain the country’s strong economic growth.

The economy expanded by 7.8 percent in the first quarter, higher than the 6.5 percent growth in the same period last year.

The first quarter result, was the highest growth posted in the Aquino administration.

“I am quite confident that this high growth rate will be sustained,” Domingo said, noting that the economic expansion will be supported by more manufacturing plant openings.

He said a strong agricultural sector, as well as services sector are also expected to help sustain the country’s positive economic performance.

As the country is set to host big events like the World Economic Forum (WEF) East Asia Summit and the Asia Pacific Economic Cooperation (APEC) Leaders’ Summit, he said the government expects to gain in terms of promoting the country to the international community.

The Philippines will be hosting the WEF East Asia Summit next year.

The APEC Leaders’ Summit meanwhile, is scheduled in 2015.

Domingo said many who have not been to the Philippines in the last 10 years still have a different perception of the country.

“Their impression of the Philippines is so backward compared to where it is today. Just being able to bring thousands of opinion makers, media, high-level executives, heads of state, just bringing them here to see for themselves, what the Philippines is like will already benefit us,” he said.