Credit Suisse may fund part of gov’t’s P1-T infra project

European-based investment bank Credit Suisse is considering funding part of the P1- trillion infrastructure project of the government, Department of Trade and Industry Secretary Peter B. Favila said.

In an interview at the sidelines of the Investment Climate in the Philippines briefing at the Makati Shangri-La held yesterday, Favila said they have already given Credit Suisse a list of infrastructure projects included in President Arroyo’s priority projects.

"They asked for a copy of our infrastructure projects," Favila told reporters. "They are funding all infrastructure projects," he added.

Favila spoke with the investment house last week when he visited Davos Switzerland with the President to attend the World Economic Forum.

According to him, Credit Suisse is making available a total of $50 billion initial funding for lending. Of the $50 billion, Favila said 85 percent or $42.5 billion will be allocated for the Asia Pacific.

Favila said that over a period of three years, the government would like to build P1-trillion worth of infrastructure projects. To be able to finish construction, he said the government will have to tap the private sector.

"We are saying that we need private sector equity to participate to get this project working," he stressed.

Aside from Credit Suisse, Mrs. Arroyo earlier disclosed that other firms she spoke with during the trip signified interest to invest in the country. The President met on different occasions with the businessmen on the sidelines of the annual meeting of the World Economic Forum in Davos sponsored by the investors themselves.

One is a leading Indian conglomerate who would like to invest in the country’s deregulated oil industry while others are interested in the power sector.

She said Prakash Hinduja, chairman of the Indian conglomerate Hinduja Group and AMAS Bank, also wanted to expand his company’s investment in the business process outsourcing industry by buying two call centers in the Philippines.