US businesses see easing ownership rules, infrastructure keys to PHL investment appeal
POTENTIAL investors from the US view the Philippines’ moves to ease foreign-ownership rules and ambitious infrastructure plans as the key elements of the country’s attractiveness as a place to do business, the head of the US-ASEAN Business Council said.
In a statement issued by the Philippine embassy to Washington, Alex Feldman, the council’s chairman and CEO, was quoted as saying: “The impressive economic growth that the Philippines has experienced over the last year and the predictions that it will continue into 2018 are the types of economic fundamentals that have attracted over $ 3.3 billion in American foreign direct investment to the Philippines and which will continue to attract US companies to the Philippines in the months and years ahead.”
“Major initiatives to improve the business environment, such as the ‘Build, Build, Build’ infrastructure development program and efforts to ease restrictions on foreign ownership in key sectors, will only make the Philippines an even more attractive destination for American corporations,” he added.
Mr. Feldman was speaking at a year-end economic briefing hosted by the Philippine embassy.
At the Dec. 18 briefing, Ambassador Jose Manuel G. Romualdez said: “The economy’s growth rate can be attributed to a number of factors. Strong growth in exports, improvements in public spending, and boosted performance in traditionally well-performing areas such as the manufacturing subsector and services sector.”
He added that preliminary internal consultations have begun on a potential bilateral Free Trade Agreement. The statement did not elaborate.
Politically, Mr. Romualdez added that government- togovernment relations with Washington are expected to focus on counterterrorism and counter-narcotics in 2018, describing these areas as areas of mutual interest for both countries.