Cuisia: More US investors looking into the Philippines

MANILA, Philippines - More American companies are looking into the Philippines as an investment destination, following a huge turnout at the 3rd Private Sector-Led Philippine Investment Roadshow in Houston, Texas, Ambassador Jose L. Cuisia, Jr. said.

The roadshow was meant to promote the success of the Philippine economy under the Aquino administration and to encourage investors to do business in the Philippines.

"Many corporate executives and investors in the United States are eager to do business with us after hearing for themselves the economic transformation that is taking place in the country now,” Cuisia said.

Attendees in the forum were briefed on opportunities in major industries in the Philippines, such as information technology, business process operations, tourism, infrastructure, energy, biotechnology, pharmaceuticals, real estate, financial services and regional economic development.

Cuisia called on American investors to take advantage of the country's rapid economic growth and human resources.

“I encourage you to consider business opportunities in the Philippines because of the country’s strategic location, highly educated bilingual and talented work force, its democratic system, a business-friendly environment, attractive tax incentives for key projects, and being part of a larger ASEAN (Association of Southeast Asian Nations) market which promises a large consumer base of 600 million with strong purchasing power,” he said.

Cuisia added that the country has made improvements towards a positive business climate.

"First, the United States (US) Federal Aviation Administration reinstated the Philippines to a Category 1 aviation safety rating, which would allow the expansion of air routes to the US by Philippine flag carriers. This positive development benefits both countries as it creates more opportunities for trade and tourism,” Cuisia said.

“Based on significant advances in the protection and enforcement of intellectual property rights, the US announced the removal of the Philippines from the Special 301 Watch List. Additionally, President Obama’s visit highlighted the importance of strong economic engagement for the continued growth of both the Philippines and the United States. Lastly, acknowledging the progress on worker rights issues in the Philippines, the US closed the GSP review on a labor case filed by a labor group against the Philippine Government without affecting the Philippines’ GSP trade benefits,” he added.

He said the Philippines is the perfect gateway to the ASEAN market of approximately 600 million consumers with a combined GDP of more than $2.2 trillion and an economic growth rate that is faster than the world average in the past decade. He said the region is also the fourth largest export market and third largest trading partner for the US.