PHL eyes $1.5-B investments from Europe, Middle East

The Philippines is expecting to receive more than $1.5 billion worth of investments from Europe and the Middle East within the year, according to the Board of Investments (BOI). Investors from those regions showed interest to take part in the public-private partnership projects of the Aquino administration, BOI managing head Cristino Panlilio told reporters late Wednesday. Panlilo just came from a two-week visit to Abu Dhabi in the United Arab Emirates, Doha in Qatar, and some parts of the European Union. He said business executives from France, Spain, Switzerland, and the UK will visit the Philippines before the year ends to possibly participate in big-ticket infrastructure projects of the government. Within this year, businesses from Europe will likely inject some $1 billion for their expansion projects and fresh investments in the Philippines, Panlilio said. Meanwhile, businessmen from the Middle East want to invest at least $500 million in government projects, he said. They are even thinking of transferring their operations to Southeast Asia and China from North Africa, where political unrest is looming, added Panlilio. “We just have to nudge them to send in more FDIs [foreign direct investments] sooner," he said. Panlilio pointed out that European and Middle Eastern firms involved in the aviation, business process outsourcing, energy, food, mining, oil exploration, personal care, and tourism sectors have expressed interest to do business in the Philippines. He, however, declined to name the companies. Panlilio also said that investors from the UK are eyeing participation in railroad projects under the PPP framework. “We will give more detailed presentations of the five PPP projects to be rolled out to [counterpart] investment authorities," he added. Within the first half of the year, the government will begin the bidding process for the expansion of Light Rail Transit Line-1 and Metro Rail Transit Line-3, and the creation of the Daang Hari-South Luzon Expressway Link Road, the second phase of the Ninoy Aquino International Airport Expressway, and the North Luzon Expressway-SLEX Connector. — JE, GMA News