Malaysia eyes more investments in Phl - Binay

MANILA, Philippines - Malaysian businessmen are “excited” about the Philippines and intend to explore more investment opportunities in agriculture and agribusiness, housing, finance, tourism and infrastructure, Vice President Jejomar C. Binay said.

“The Malaysian business community, to use their own words, is very excited about the Philippines. They are attracted by the broad business opportunities and a business environment that encourages growth. They gladly welcome the new policy directions set by the administration of President Aquino promoting transparency and a level playing field,” he said.

The Vice President was in Malaysia from May 27 to 29 as head of an official delegation that included 35 business leaders. His visit was the first high-level visit to Malaysia in five years.

Binay said the revival of the Malaysian-Philippines Business Council, which includes some of the big names in Malaysian business, and the successful holding of the Philippines-Malaysia Investment Partnership Forum where he was the keynote speaker showed Malaysia’s excitement and enthusiasm about investing in the Philippines.

“I believe my interaction with the Malaysian business community has further fueled their enthusiasm. Before my departure for the United States, I was informed that several investors will be arriving in Manila within the next few weeks to explore investment opportunities, particularly in agriculture, agribusiness, housing, banking and finance, energy, tourism and infrastructure,” he said. 

While in Kuala Lumpur, the Vice President witnessed the signing of a memorandum of understanding between the MTD group of Malaysia, the Isabela Power Corporation and Greenpower Resources Corp. for the construction of nine mini-hydro power plants in Isabela with a cost of $240 million.

“These power plants are expected to generate and add about 80 megawatts to Luzon’s electric power grid, and will be implemented within a period of three years,” he said.

But Binay said economic interactions between the two countries have not been lopsided, as Philippine businesses have also made inroads into Malaysia.

The Vice President said business and government leaders, including Malaysian Prime Minister Najib Tun Razak, acknowledged the entry of San Miguel Corp. in Esso Malaysia Bhd, with an investment of at least $610 million.

Binay, who is also chairman of the Philippines’ Housing and Urban Development Coordinating Council (HUDCC), also invited Malaysian businessmen to enter into joint ventures with their Filipino counterparts on housing development and mass housing. 

“We have to build 3.6 million units in the next few years, and it would be a pleasure to see our Malaysian friends become part of this great social undertaking.  This is one business opportunity where the rewards are high, not necessarily in terms of financial returns alone but above all in terms of the physical satisfaction of having helped provide homes for millions and transformed the landscape across the nation.  Of course the investment opportunities elsewhere are limited only by one’s imagination,” he said.