Estrada: RP remains attractive to investors

Despite its badly bruised economy and the daily protest rallies, the Philippines still remains attractive to some foreign investors, who view the country as a rich source of talent, particularly in information technology (IT).

Yesterday, 22 trade and investment experts representing various sectors paid a visit to President Estrada at Malacañang and expressed their desire to invest in the country.

This developed as major newspapers abroad bannered the suspension of the President’s impeachment trial and highlighted its effects on the economy.

Both the Asian Wall Street Journal and the Straits Times of Singapore headlined the trial’s suspension while the International Herald Tribune, the Washington Post, the New York Times and the South China Morning Post all carried news on the "bittersweet victory" of Mr. Estrada in the impeachment proceedings.

The country’s garbage problem was also tackled by the Asian Wall Street Journal as well as Time magazine in its latest issue.

However, former Press Secretary Ricardo Puno Jr. said the visit of the 22 investment experts was a sign that all’s not bad for the country.

"The visit means foreign investors still trust our government and our economy," he said.

The 22 investment experts, who came from different parts of Europe, the United States and Asia, were accompanied by Executive Secretary Edgardo Angara, Finance Secretary Jose Pardo and acting Trade and Industry Secretary Tomas Aquino.

Briefing reporters after the investment experts’ visit, Puno said the President was elated by the show of support he received. "This visit means there is still trust," he said.

Among those who visited the President was British Columbia barrister Arturo Alafriz who reportedly has an investor for a Light Rail Transit project in Cebu City. Alafriz is allegedly facilitating also the transfer to the Philippines of a 92-megawatt power plant that operates on natural gas.

Hubert Henri D’ Aboville, who heads the Paris-Manila Technology Corp., said he is working on the implementation of a solar energy project that would provide electricity to areas in Samar and Northern Cotabato.

And there was George Boskovich, owner of Boskovich Farms, the largest vegetable farm in California. He offered to invest in the country and introduce new farming techniques to local farmers.

The most promising of all ventures presented, however, is in the IT sector.

Eddie Lee, a businessman who publishes a Filipino newspaper in Toronto, Canada, said he is facilitating a tie-up between the Manila Electric Co. (Meralco) and a Canadian IT company that would provide wireless Internet services in the country.

Also, Joanne Sokolski, from Orange County, California and Yolanda Stern, of the US Federation of Philippine-American Chamber of Commerce, said they plan to set up training centers in the country to prepare local IT professionals for work in the US.

The training is expected to provide certification to IT workers to enable them to work in big companies such as Microsoft.

Sokolski also revealed that Orange County recently hosted a business conference promoting the Philippines as "the IT hub of Asia."

Other investment specialists who presented their planned ventures to the President included the representatives of MAN ASIA which reportedly has an investor for an "air university" at Clark Field; of TIRO Consulting, which has a client that wants to produce amphibian aircraft in the country; and of BASS Consulting Group, which is assisting an Australian company that seeks to manufacture defense apparel locally for export. – Marichu Villanueva