Foreign firms show renewed interest in RP

The recent increase in new investments registered with the Board of Investments (BOI) and an influx of business missions indicate a burgeoning interest in the Philippines. This was evident in the inflow of trade missions which included a US group of 42 businessmen two weeks ago, a Malaysian contingent and a big Japanese group composed of some 250 members last week.

In the local scene, this interest is mirrored in a meeting on March 16 between the government, represented by no less than President Gloria Macapagal Arroyo and her Cabinet, and the private sector, represented by some 150 chief executives of top multinational companies in the country.

The one-day event, dubbed "Business Summit of Foreign Businessmen with the New Government," is organized by Peter Wallace, president of EIU Philippines, Inc. The conference promises to be a venue for interaction between the local foreign business community and the government to seek ways to rapidly expand business in the country. It also seeks to address concerns raised by the local foreign business community in order to establish substantial recovery for the Philippine economy.

The President and Economic Planning Secretary Dante Canlas are expected to map out the overall vision and development plans over the next three years so that these multinational companies (MNCs) can map out their own plans for growth within the overall economic thrust of the government.

As to how to bring in more investments and focus on priority sectors will be the job of Trade and Industry Secretary Manuel Roxas II and the new managing director of BOI, Vincent Perez.

The recent increase in PEZA registrations (P10.9 billion in January to Feb. 15 versus P2.8 billion a year ago) indicates already a burgeoning interest in re-looking at the Philippines.