Pinoy firms eye investment opportunities in Timor-Leste

MANILA, Philippines - Filipino firms are interested in tapping investment opportunities in Timor-Leste.

In a statement, the Department of Trade and Industry (DTI) said the Construction Industry Authority of the Philippines (CIAP), through one of its implementing arms, the Philippine Overseas Construction Board (POCB) conducted a construction mission to Timor-Leste in February.

The mission composed of 17 senior representatives of leading Philippine construction companies, engineering consulting firms, as well as the POCB and Philippine Export-Import Credit Agency, was led by Isidro A. Consunji, POCB chairman and DMCI Holdings president and chief executive officer.

The mission is an offshoot of the visit of Prime Minister and Minister of Defense and Security of the Democratic Republic of Timor-Leste Kay Rala Xanana Gusmao to the Philippines last year.

Trade Undersecretary for Consumer Protection Group Victorio Mario Dimagiba said the mission “aimed to explore business and investment opportunities in construction, engineering consulting, oil and gas, and other sectors.”

Consunji said Timor-Leste has good potential for investment in the areas of construction, natural resources and tourism.

He noted that oil and gas and capacity-building have been identified as priority areas by members of the delegation.

He said Philippine businesses are looking to immediately invest in Timor-Leste.

Filipino firms also intend to form partnerships with the government and private sector there.

POCB officer-in-charge Sonia Valdeavilla said a follow-up mission will be conducted to move forward with the implementation of the positive results of the mission.