Government reforms attract more investors to the Philippines

Foreign companies continue to show interest in investing or expanding in the Philippines as a result of reforms being initiated by the Philippine government, President Benigno S. Aquino III said.

President Aquino said many business groups he met in Singapore were excited about the transformations in the Philippines that encourage them to invest in the country.

The groups he met include the Singapore Business Federation and the respective chambers of commerce of Europe, Great Britain, the United States, Japan, and India, as well as the Europe-ASEAN Business Alliance, International Enterprise Singapore, and Philippines-Singapore Business Council.

Keppel Offshore and Marine Ltd., which is engaged in shipbuilding, wants to put more money in the Philippines, the President said.

The Singapore Airlines Engineering Company (SIAEC), with business interests in aircraft maintenance, repair, and overhaul, also wants to expand its presence in the Philippines, he noted.

The company started operating in the Philippines in 2005, and infused $25 million in 2009 to expand its operations.

According to the Chief Executive, SIAEC is in the process of completing its third hangar in the Philippines, worth about $21 million, and is planning to build two more hangars next year.

“Bukod sa maghahatid ang mga ito ng dagdag na empleyo, pinapatunayan nito na talagang world class ang manggagawang Pilipino. Ang pagpapatakbo nga sa ganitong mga pasilidad ay nangangailangan ng natatanging technical expertise para sa malalaking eroplano, at sa susunod na taon ay kasama na ang

Airbus 330 at Boeing 777 sa maseserbisyuhan ng SIAEC sa ating bansa,” he said.

The President said he will task the Department of Labor and Employment (DOLE), Commission on Higher Education (CHED), and the Technical Education and Skills Development Authority (TESDA) to coordinate with SIAEC to ensure that Filipinos could seize the opportunity to work with the Singaporean company in this field.

President Aquino further reported on his meeting on Wednesday with the two biggest investment fund groups in Singapore -- Temasek and the Government Investment Corporation (GIC).

Temasek has interests in different industries in the Philippines and it is expected to increase its $1 billion investment at the soonest possible time, while GIC has infused P17.6 billion in the Filipino company, Emperador Inc., he said. (PCOO News Release)