U.S. Investors Planning To Invest $3 Billion In Philippines

March 4, 2007
Money would go to manufacturing, IT and infrastructure.

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

About the Author

Agence France-Presse

Copyright Agence France-Presse, 2002-2024. AFP text, photos, graphics and logos shall not be reproduced, published, broadcast, rewritten for broadcast or publication or redistributed directly or indirectly in any medium. AFP shall not be held liable for any delays, inaccuracies, errors or omissions in any AFP content, or for any actions taken in consequence.

Sponsored Recommendations

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!