Phl banking on 2015 APEC Summit to drive up investments

MANILA, Philippines - As early as today, the Philippines is banking on the 2015 Asia Pacific Economic Cooperation (APEC) Summit to further drive foreign investments in the country, the Investor Relations Office of the Bangko Sentral ng Pilipinas said.

“The Philippines is keen on marketing itself anew as a prime investment destination when it serves as host for the 2015 APEC Summit, a high-profile event expected to be attended by government and business leaders from various parts of the globe,” the IRO said in a statement.

“Given the large membership of the (APEC)… the Philippines will take advantage of the hosting opportunity to sell its strengths and potentially generate more foreign direct investments,” it said.

The APEC Summit will be held in the country from February to October next year, with meetings set to be convened in Manila, Clark (Pampanga), Legazpi (Albay), Iloilo, Boracay, Cebu, and Davao, among others.

Foreign direct investments last year surged an annual 20 percent to $3.86 billion on the back of investors’ confidence in the Philippines’ sound macroeconomic fundamentals.

This year, the BSP expects a lower net FDI inflow of $2.6 billion, due to heightened volatility in global financial markets.

The IRO said that concerned government agencies and a number of representatives from the private sector have already started preparations for the hosting of the summit.

Bill Luz, co-chairman of the National Competitiveness Council, said in the statement that the even is seen generating investments for the country as it is expected to highlight opportunities and improving business climate in the Philippines.

“Our country is a nice place to hold international events. But apart from providing a venue for meetings and parties, we have a clear objective of investment promotion,” Luz said during the recent meeting for the 2015 APEC Summit preparations.

Trade Secretary Gregory Domingo, who is the government co-chairman of the NCC, said “With the spotlight turned to the Philippines, the world is able to learn more about the strengths of the country.”

Domingo recounted that the summit will come at a time when the Philippines has been enjoying investment grade ratings from the top global debt watchers, and its economy has been expanding amid reforms and policies instituted under the Aquino government.

“As we welcome business and government leaders from different parts of the globe to our shores, we want to tell them that the Philippines, which has become a rare bright spot amid uncertainties in the global economy, is an ideal place for investments,” Domingo said.