Olongapo SubicBay BatangGapo Newscenter

Thursday, March 22, 2007

RP: One of best values for money in Asia for investors – PGMA

President Gloria Macapagal-Arroyo bared today a $2-billion fresh foreign investments that would greatly help accelerate the conversion and development of former military bases in the country into economic zones and make the Philippines "one of the best values for money in Asia for investors."

Speaking at the 28th national conference of the Employers Confederation of the Philippines (ECOP) this afternoon at the Manila Hotel, the President said she was informed last night by Trade and Industry Secretary Peter Favila of the new tourism investments in former military bases now under the Bases Conversion and Development Authority (BCDA).

"Just last night, I got a call from Secretary Peter Favila, he was with the Shanghai World Trade group. And they gave me the good news of a forthcoming $2 billion tourism investments in the BCDA," the President said.

She said this good news was confirmed to her during the visit of Chinese Ambassador Li Jinjun this morning in Malacañang.

"We believe the Philippines is one of the best values for money in Asia for investors," the President said.

"There has been a surge in investments. Exports, notwithstanding the strong peso, our exports growth in January was 27 percent," she added.

The President signed Republic Act No. 9400 yesterday converting the Clark Special Economic Zone in Pampanga into a freeport zone.

The Clark Freeport Zone is the country’s second freeport after the Subic Freeport and Special Economic Zone that provides several incentives to locators.

The President said the freeport zones, particularly Clark, will continue to spur investments in the super regions in Luzon, level the playing field in investments, and create well-paying jobs such as call centers and business process outsourcing (BPOs) providers.

As political stability dawns in the Philippines, the President said her administration would continue to liberalize the investment climate, including liberalizing the cement industry to make it less costly to invest in factories and public infrastructure such as roads and bridges. (PIA-MMIO)



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