Thai businessmen urged to increase investments in the Philippines
President Duterte yesterday urged top businessmen from Thailand involved in banking, tourism, food and beverage, real estate, energy and agro-industry to invest in the Philippines as he vowed to continue improving the business environment.
Duterte also cited the importance of the country’s robust relations with private firms here, a number of which have existing businesses already operating in Manila and key cities in the Philippines.
“The Philippines values its economic partnership with Thailand. I am pleased with the current Thai investments in my country and hope that they will continue to increase in the years ahead,” the President said.
Duterte expressed gratitude particularly to the Charoen Pokphand Group and the Erawan Group for their current investments in the Philippines, particularly in the food industry and real estate and hotel operations.
“I encourage Thai Beverage TCC Group in the real estate and hotel business in the Philippines,” he said.
Duterte urged business groups “to ride on the momentum of the Philippine growth story and invest especially in the new industrial destinations of Metro Manila, Pampanga, Clark, Cebu, Bohol and Davao.”
He also espoused anew the administration’s ambitious infrastructure program and the fight against corruption in his bid to make the Philippines suitable for investors.
“The Philippines’ Build, Build, Build is in full swing and you are all welcome to participate. We are making significant headway in transforming the Philippines into a more stable and secure place for investments,” he said.
“With our sound macroeconomic policies and ongoing reforms, we guarantee a competitive and corruption-free business climate and a highly skilled and fast-learning workforce,” Duterte said.
At the start of his meeting, Duterte apologized for being late for seven minutes because he failed to adjust his time. Bangkok is an hour behind Manila.
Duterte discussed the economic indicators, which is on uptrend. He stood proud that the Philippines earned an upgrade to ‘BBB+’ – its highest credit rating ever – from global debt watcher Standard & Poor’s recently.
S&P gave credit to the country’s strong growth trajectory, healthy external position and sustainable public finances.
Now standing two notches above the coveted investment grade rating, the economic team is optimistic that development will translate to lower borrowing costs from the international market for both the government and private corporations.
Read more at https://www.philstar.com/headlines/2019/06/23/1928753/thai-businessmen-urged-increase-investments-philippines#5U3rH1uGOuAzg1Es.99