Foreign business missions seen to double this year

MANILA, Philippines - In-bound business missions are targeted to more than double to 77 this year from a year ago as the government strengthens efforts to promote the country as an investment destination.

“Our FTSC (Foreign Trade Service Corps.) committed as part of the business plan (for 2013) to more than double in-bound missions. Their plan is to have 77 missions this year,” outgoing trade undersecretary Cristino Panlilio told reporters.

The country had 34 in-bound business missions last year.

An in-bound business mission involves the visit of at least five companies to the country at the same time.

The FTSC is the DTI’s international trade policy negotiation and trade and investment promotion arm.

Amid the country’s strong economic performance, many foreign firms are looking to visit the country to see business opportunities.

Last month, a powerhouse delegation of executives from top companies from the US visited the country.

Spain and Turkey likewise sent business delegations here late last month to explore opportunities.

Panlilio said the government would want to see more business missions and among the plans of the DTI to attract investments here is to hold the InvestMart conference which will present the different opportunities available in the country.

He said the DTI would also be publishing advertisements of the Philippines as a destination for investments in business magazines in East Asia as part of promotion efforts.

The government, he said, intends to intensify efforts to promote the country’s bi-annual trade show, Manila FAME as well to encourage more foreign buyers to attend the event and purchase furniture, housewares, fashion accessories and other items here.

Manila FAME, which is being organized by the DTI’s export marketing arm, the Center for International Trade Expositions and Missions, serves as the platform for small and medium scale entrepreneurs to showcase their products to the world market.

Panlilio said the country would likewise participate in six major exhibitions overseas this year to promote the country’s exports.

“What we do now is to limit (participation) to six but it will be grand,” he said.

These exhibitions include the Gulfood and the SEAFEX which are both being held in Dubai in the United Arab Emirates, Foodex in Japan, Hong Kong and Macau fair, Anuga food and retail trade fair in Germany, and the Hong Kong houseware fair.

Latest data from the National Statistics Office showed the value of the country’s merchandise exports rose seven percent to $48.026 billion in the January to November period from $44.898 billion in the same period in 2011.