By ECONOMIC managers on Tuesday capped a no-deal road show in the Middle East by encouraging potential investors to explore prospects in Philippine infrastructure projects.
“[T]here has never been a better time to invest in the Philippines,” Socioeconomic Planning Secretary Arsenio Balisacan said during the Philippine Economic Briefing in Dubai.
“[O]pportunities await in infrastructure and our promising growth drivers, such as agribusiness, mining, tourism, manufacturing, education, creatives, health and the information technology and business process management sectors,” he added.
The National Economic and Development Authority (NEDA) chief urged potential investors to particularly consider infrastructure and energy projects in Mindanao.
“The Marcos administration is committed to prioritizing infrastructure development in the Mindanao region, one of the country’s most promising regions because of its significantly untapped potential for various growth drivers, particularly in agriculture and agro-processing,” Balisacan said.
Projects that will lower the costs of connectivity and electricity in Mindanao and enhance the region’s productivity are also another priority.
A total of 79 large infrastructure projects were said to be ongoing on the island, totaling $45.9 billion in value and nine of which are being carried out via public-private partnerships (PPPs).
“We will harness PPPs to finance these IFPs (infrastructure flagship projects) and other high-impact projects and leverage on the private sector’s ability to use innovative processes, efficiently mobilize its resources and deliver high-quality services,” Balisacan said.
As for energy, the NEDA chief said the Philippines needed foreign direct investments.
“To achieve our target mix for renewable energy, we will require a total investment of about 104 billion US dollars by 2040,” he added.
Finance Secretary Benjamin Diokno, for his part, said projects involving connectivity and energy would be particularly welcome.
“The Philippines, being an archipelagic country, needs connectivity not only physical but also digital connectivity. We had to link the lagging regions to the leading regions so the economy would be more efficient,” he told prospective investors.
“Second, energy, because we want to transition to clean energy and again we need a lot of investors there,” he added.
Diokno said the government was interested in solar, wind and tidal power projects, noting that “a growing economy needs a lot of energy.”
Economic managers first held a dialogue in Doha, Qatar on September 10 and a briefing in Dubai, United Arab Emirates on September 12.
The Doha event was said to have had 51 attendees, including government officials, executives from Qatar-based companies and funds, business group representatives, financial experts and media.
The economic team also met with representatives from the Ministry of Finance, Qatar Investment Authority, Qatar Cool, Qatar Insurance and Qatar National Bank.
In Dubai, separate meetings were also held with individuals and organizations like the chief executive officer of Nasdaq Dubai, Hamed Ahmed Ali; Minister of State Thani Ahmed Al Zeyoudi; Arqaam Capital; Maybank Islamic Berhad Dubai; and the Investment Corp. of Dubai, among others.