As the Philippine government opens up the privatization of energy ownership rules, it likewise eases the investment environment of the country thereby attracting more foreign investors.
French Ambassador to the Philippines Gerard Chesnel said the investment environment in the Philippines “is much better now” as the country has provided a friendlier investment environment, unlike in the past.
Chesnel was in Cebu recently to grace the opening of Les Amis de la France-Institut Culturel Francais, a Filipino-French cultural center, and the courtesy visit of the French ship “Vendemiaire”, among other events held in Cebu over the week.
The Amis de la France cultural center located at QC Pavilion, along Gorordo Avenue, will offer French courses, Library, Cultural exchanges in various areas.
Aside from energy investments, Chesnel said French investor interest in the Philippines is into transportation equipment, automatic ticketing, hotels and manufacturing.
Recently, he said a French company has invested US$780 million for the take over of the Calaca Power Plant in Batangas.
“In the past the atmosphere was not always easy. It’s better now with the privatization programs and opening up of policies in the Philippines,” he stressed.
French companies in the past were reluctant to come and invest in the Philippines, especially on power plant investments, because of unfriendly policies.
He said the loosening of investment policies in the Philippines, especially in energy, and mining has stimulated interest from French capitalists, as it signals fair international competition.
In Cebu, there are French companies that are manufacturing furniture, home furnishings, fashion accessories, electric wires for cars at the Mactan Export Zone (MEZ).
According to Chesnel, the Embassy is starting to intensify its presence and trade relations with Cebu, considering that Cebu has the second largest number of French community in the Philippines, next to Metro Manila.
“Cebu is the most dynamic [province], more so with the establishment of the Cebu International Convention Center,” he said.
In tourism, he said the Philippines still has to make more efforts to promote the country to the French traveling market.
“French do not know the Philippines enough,” said Chesnel, adding that Cebu should also be promoted well to France.
He suggested that travel agencies should also push a promotion of the Philippines to France, and vice versa.
French tourists, like other European travelers are known to be adventurous and like most in water sports, like diving.
The Ambassador believes that if the Philippines should be promoted very well France, to lure more French tourists.