MANILA, Oct. 28 (PNA) — Creating a better business environment is the government’s major thrust in attracting investors to come to the Philippines, Trade Secretary Gregory Domingo said on Tuesday.
During the Semiconductor and Electronics Industries in the Philippines, Inc.’s (SEIPI) 13th CEO Forum in Makati City, businessmen asked President Benigno S. Aquino III how the Philippines competes with its Asian neighbors in terms of attracting foreign investors.
President Aquino referred the question to Secretary Domingo, whom he described as the main man conducting the roadshows to engage potential investors.
“The primary answer to that is really creating a better business environment for investments to come to the Philippines,” Domingo said, noting that the country’s foreign direct investments (FDI) have increased in the past four years.
The country’s FDI amounted to about a billion dollars in 2010, and steadily rose to US$ 2 billion in 2011, about US$ 3 billion in 2012, and US$ 3.8 billion in 2013, he said.
“As of the latest figure writing up to August, it’s already US$ 4 billion FDI this year,” Domingo added.
“It seems that the President’s good governance agenda has been very well received by foreign businesses, resulting in the credit ratings upgrades,” he said.
“So all of this is really reaping dividends; and we continue to work on improving the business environment and continue the discussions with the private sector so we go hand-in-hand, including the development of roadmaps for many of the sectors including the electronics industry,” he added.
In his recent trip to the US, President Aquino said he met with businessmen who have shown interest in doing business in the Philippines due to the much improved business conditions in the country.
The Philippines has begun to get into the limelight and businesses have begun to notice the changes in the country, the President said.
He said his administration intends to maximize the Philippines’ exposure by showing all investors the edge in putting their money in the country. (PNA)