BOI woos Chinese traders to invest in RP

MANILA, Philippines - The Board of Investments (BOI) said yesterday they are encouraging Chinese businessmen to invest in the Philippines.

“We are encouraging them to take a look at the bright prospects in our priority sectors particularly in mining and business process outsourcing,“ said Cristino L. Panlilio, managing head of the BOI after concluding the recent week-long investment mission to China covering the strategic cities of Shanghai, Wuxi and Hangzhou.

During the mission, Panlilio cited opportunities not only in mining and BPO but also in other priority sectors such as low cost housing, tourism wellness, export-oriented sectors, high-tech industries and agriculture. The delegation has also invited China to become an active participant in the public private partnership (PPP) infrastructure projects currently being promoted by the government.

The BOI team invited the Chinese to set up call centers for Chinese companies doing worldwide business as well as Chinese products and service requests to global businesses. The Philippine expertise in financial services was also offered and a proposal to send investment bankers and financial experts to Shanghai and meet with Chinese counterparts to determine the capabilities of the Philippines in serving the business requirements of the Chinese.

In a meeting with Wang Xin Pei, Vice Chair of the Shanghai Municipal Commission of Commerce, China has already recognized the wide potential of mining in the Philippines given that his country has a growing need for minerals in light of its unabated industrialization which has propelled China to become the world’s largest economy next only to the United States.

Plans are already in place for a delegation of Chinese businessmen to visit the Philippines early next year. The Philippine Trade and Investment Center (PTIC) Shanghai will coordinate with various Chinese industry associations to plan the Chinese investment mission.

“On the heels of the strong investor confidence under the new administration, the Philippines is more than ready to welcome new investors as efforts continue to further streamline the business transaction resulting in a more investor-friendly atmosphere,” Panlilio said.