DTI plans business missions to Europe

MANILA, Philippines - The Department of Trade and Industry (DTI) is planning to hold business missions to Europe this month and next senior as part of efforts to attract more investments to the country, a senior trade official said.

Trade Undersecretary Ponciano Manalo Jr. said in an interview that he is set to visit France this month for the Maison trade show for interior design.

The event is also seen as a good opportunity to promote business opportunities here.

“There will also be a business mission to London in October,” Manalo added. He said the business mission to London is being organized with the Makati Business Club.

The visit to the two European countries is aimed at encouraging more foreign firms to invest in the Philippines.

“Our strategy when looking at countries is always (to check) where there are opportunities for trade and investment,”  Manalo said.

The government wants more foreign firms to invest here, and setup facilities in order to create more jobs which could, in turn, promote economic growth.

The promotions are being conducted even as many foreign companies are coming to the Philippines to explore investment opportunities. Manalo said most of the business missions in the country come from Japan, Korea and Taiwan.

Many foreign firms from the U., Europe and the Middle East are likewise visiting the Philippines to look for business opportunities.

Data from the National Statistical Coordination Board showed that total foreign investments approved by the seven investment promotion agencies (IPAs) went up 87 percent to P34.6 billion from P18.5 billion in the same period last year.

The seven IPAs are the Board of Investments (BOI), Clark Development Corp., Philippine Economic Zone Authority, Subic Bay Metropolitan Authority, Authority of the Freeport Area of Bataan, BOI-Autonomous Region of Muslim Mindanao and Cagayan Economic Zone Authority.

In 2012, total approved foreign investments went up 12 percent to P289.1 billion from the previous year’s P258.2 billion.