Entertainment, gaming investments fund Asian growth - trade exec

MANILA, Philippines – Trade Secretary Peter Favila on Monday suggested that the government look into developing "entertainment and gaming projects," including casinos, to catch up with other Asian countries' economies. Favila made the suggestion during the House briefing on the proposed Department of Trade and Industry (DTI) budget for 2009, saying the idea is worth studying because neighboring countries which have "opened up their markets" are gaining more investments than the Philippines. "In the area of investments the neighboring economies are moving at a faster growth than the Philippines," said Favila. "When we look at our direct foreign investments from 2007, the Philippines generated a little over $2 billion. Malaysia and Singapore registered close to $10 billion, maybe $8 to $10 billion,"he added. The DTI secretary said he was surprised to find out during a recent conference of Association of South East Asian Nations (Asean) economic ministers that much of the investments were in "entertainment and gaming project activities." He said the earnings from casino revenues in other countries comprise a little less than 70 percent of the total project activity. "Maybe this is something we could take a look at," said Favila. "I know the sensitivities of some sectors. I know the sensitivities of the Church itself. But I feel it is worth being looked into and thoroughly studied here,"he added. Earlier, Favila suggested that lawmakers be included in negotiations of relevant economic deals like the Japan-Philippines Economic Partnership Agreement (Jpepa) as that may help ease the ratification of such agreements. The Budget department has allotted P2.77 billion for the DTI's 2009 budget, a P200-million increase from 2008's P2.55 billion. - Johanna Camille Sisante, GMANews.TV