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PIA Press Release

Multinationals belonging to ABIS group to put up businesses in RP

SINGAPORE (via PLDT) (19 November) -- Attracted by the favorable investment climate in the Philippines, several multinational corporations belonging to the Association of Southeast Asian Nations (ASEAN) Business Investment Summit (ABIS) have signified their intention to put up more businesses in the country, Press Secretary and Presidential Spokesman Ignacio R. Bunye said today.

In an interview after the breakfast meeting with President Gloria Macapagal-Arroyo and Filipino members of the ABIS group at the Fullerton hotel here this morning, Bunye said several multinational companies will soon be bringing their business to the Philippines.

He said the interest shown by the ABIS members to do business in the Philippines was a welcome development as it will help boost the Philippines' image as an investment hub in the region, not to mention the job opportunities the new investments will generate for Filipinos.

Donald Dee, president of the Philippine Chamber of Commerce and Industry (PCCI), and former Trade Secretary Jose Concepcion are among the Filipino members of the ABIS group.

"Ibinalita nila yung interest ng iba't ibang business groups na magtayo ng negosyo sa Pilipinas. Si Ginoong Donald Dee ay nagbalita nung interest ng Mitsui-Busan na magtayo ng ship repair facility sa Pilipinas. There was also news of Tiger Airways being interested in setting up operations at Clark (Pampanga)," Bunye said.

He said the President welcomed the interest shown by the ABIS group in investing in the Philippines, but at the same time she cited the concerns of airline companies over additional flights to Philippine international airports, especially the Ninoy Aquino International Airport (NAIA).

"Bagamat ok na ok (ang paggamit ng mga airlines) dito sa Clark, maraming iba pang mga airlines ang gustong magkaroon ng additional flights dito sa international airport natin sa Manila except that medyo masikip na sa Manila but Clark is open for business," Bunye said.

He added that during the breakfast meeting, the President proudly reported the great strides the Philippines has been making under her administration, especially in the area of fiscal reforms such as the Expanded Value Added Tax (EVAT) Law.

The President explained that as a result of the enactment of the EVAT law, interest and inflation rates have gone down, and the Philippine peso and the stock market have gone up.

"All of these were welcomed by the ASEAN businessmen," Bunye said.

Also discussed during the meeting was the regional growth area known as the Brunei Darussalam-Indonesia-Malaysia-Philippines/ East Asia Growth Area (BIMP-EAGA).

The BIMP-EAGA is a strategy of the 10-member ASEAN bloc to accelerate the economic development of focus areas in the sub-region through increased trade, tourism and investments.

Three BIMP-EAGA Summits have been held since 2003 where the regional leaders set the future direction and development of the sub-region. A BIMP-EAGA Roadmap to Development was adopted in 2005 to guide the stakeholders in the implementation of programs from 2006 to 2010.

Bunye said that the President proposed that close relations should be established between the BIMP-EAGA and the ABAC to ensure better monitoring and implementation of both bodies' mandate. (OPS) [top]

  prev  next  »|
»Backgrounder on 4th BIMP-EAGA Summit on 19 November 2007 in Singapore
»Multinationals belonging to ABIS group to put up businesses in RP
»PGMA, 3 other ASEAN leaders reaffirm MOU on expansion of air linkages
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