A recent delegation of Filipino-Americans have expressed strong interest in investing and trading in the Philippines, given the opportunities presented by the country’s robust economic growth.
In a statement, the Department of Trade and Industry (DTI) said its Export Marketing Bureau (EMB) and Board of Investments (BOI) recently welcomed the delegation of the Filipino-American Chamber of Commerce of Silicon Valley (FACCSV) for a trade and industry briefing.
The two DTI units presented various trade and investment opportunities in the Philippines according the FilAms’ interest sectors.
“This briefing is one way to know the perceptions of Filipinos outside the country and what more can be done to encourage more investments into the country,” DTI Undersecretary for Industry Development Group (IDG) and BOI Managing Head Ceferino Rodolfo said.
Led by its president, FACCSV is looking at business opportunities and partners in sectors such as real estate, retirement facilities, coconut products, healthcare, and indigenous products.
EMB Director Senen M. Perlada encouraged the delegation to take advantage of the PH-US trade opportunities during the briefing, as well as the benefits of tariff preferences given to the Philippines under its Generalized System of Preferences (GSP).
“Take a look at the Philippine produced Halal- and Kosher-certified products as well as organic products which are in demand in the US,” Perlada was quoted as saying.
The local trade department marketed the country to the FilAms with economic developments in infrastructure spending, and human resource and capital.
They also tackled the Philippine trade strategy, which makes the country considered one of the top investment destinations worldwide.
Other than the mentioned interest sectors, FACCSV is also exploring opportunities — both trade and investment — in wireless home security devices, cosmetics and skin care products, business process management, renewable energy, and new farming technology.
The Philippines is currently an attractive investments destination in the region. The country is mostly attracting investments from European and East Asia countries.
In the past five years, the country has been growing by an average of 6.2 percent. This year, the government targets a 6.5 percent to 7.5 percent gross domestic product (GDP) growth.
Economists have been vocal that the economy will still grow by 6 percent to 7 percent, regardless of who the next president will be. If a “good” president is seated, the GDP growth may go up to 8 percent to 10 percent yearly, analysts have said.