Corporate visitors to Phl up

MANILA, Philippines - The number of foreign firms visiting the Philippines rose by more than half in the first 10 months of the year, reflecting investors’ strong confidence in the country’s business environment.

The Department of Trade and Industry (DTI) said in a statement that the Board of Investments (BOI) recorded a total of 487 business corporation visits to the country as of end-October, 56.6 percent higher than the 311 last year.

The DTI also said the country had 34 multi-company business delegations from January to October, well-above the 18 seen for the whole of 2011.

A multi-company business delegation involves representatives of at least five companies visiting the country at the same time.

Trade undersecretary Cristino Panlilio attributed the increase to the revival of investor interest in the Philippines given the country’s favorable economic conditions.

“Consistent with positive reviews of international rating agencies on the Philippines, this influx of business missions is a strong affirmation of the Aquino administration’s economic reforms that have resonated prominently to foreign investors worldwide,” he said.

He noted that while traditional markets such as Japan, US, Taiwan and Korea, remained the major sources of foreign investor visits,  growing interest from non-traditional markets like Russia, Europe, Middle East and Africa has been observed.

Firms part of the visit to the country were interested to do business in information technology–business process outsourcing; power; infrastructure or public-private partnership projects; tourism; agribusiness and aquaculture; and manufacture of aerospace parts, electronics, garments and textiles, steel, machineries, automotives, ships, chemicals, and pharmaceuticals.

The DTI said the country had 13 outbound missions to Taiwan, Singapore, Korea, Malaysia, Japan, Hong Kong, China, Australia, and Cambodia this year.

The DTI said the country likewise had four state visits this year, with the three led by President Aquino.

Aquino visited the United Kingdom and US in June, bringing back at least $2.5 billion worth of investments.

In October, Aquino went to New Zealand and Australia to strengthen ties with the two countries and to present investment opportunities.

Aquino likewise visited Cambodia in November to attend the Association of Southeast Asian Nations (ASEAN) Summit.

Earlier this month, Vice President Jejomar Binay meanwhile, represented Aquino in the ASEAN-India Commemorative Summit held in India.

For 2013, Panlilio said the government expects the increase in business missions to the country to continue given numerous investor queries and requests for assistance in the conduct of due diligence activities.