As the economy in the Philippines strengthens, U.S. investors are planning to invest up to $3 billion in the Philippines this year, the Philippines Daily Inquirer said March 4. The American Chamber of Commerce of the Philippines (AmCham) said that investors from the U.S. would be putting up to $3 billion of investments in the country's infrastructure, manufacturing and information technology sectors.
Robert Sears, the AmCham executive director, made this announcement at a roundtable discussion with President Gloria Arroyo on March 2, citing the improved fiscal situation and business optimism in the country the paper said. "Sears said the optimistic assessment of AmCham members was that the figure could potentially go up to $9 dollars if the government would take care of some red tape issues," the report said.
Sears said U.S. businessmen and other foreign investors in the country were not too concerned about the results of the midterm elections in May. "What they are looking for is a good Congress that can continue with the economic reforms," the paper quotes Sears saying. U.S. businesses invested $2 billion in the Philippines last year.
Copyright Agence France-Presse, 2007