Philippines eyes $2 B investments from Mexico

MANILA, Philippines - The Philippines is eyeing $2 billion worth of investments from Mexico following recent meetings among ranking officials that strengthened commercial ties between both countries.

The Department of Trade and Industry (DTI) said yesterday some $2 billion worth of investments is being allocated by Mexico to the Philippines, bulk of which is targeted for the telecommunications sector.

Mexican Ambassador Julio Camarena Villaseñor, who met with Trade Secretary Ramon Lopez during a recent courtesy visit, emphasized the Philippines is a priority area for investments in Asia.

The diplomat likewise expressed Mexico’s interest to make the Philippines an economic gateway to the ASEAN region, the DTI reported.

Total investments between both countries in 2015 reached $6 billion.

During the meeting, both sides also discussed the establishment of a joint economic committee that will further strengthen bilateral trade and investment between the Philippines and Mexico.

“The Philippines is eager to know that one of our strong commercial allies, Mexico, has expressed its keen interest in the country. Our long-shared history with Mexico makes it easier to understand each other’s interest,” Lopez said.

Lopez said the Philippines would continue to maximize economic opportunities with Mexico, including attracting more investments by easing the process of doing business in the country.

In 2015, Mexico ranked as the Philippines’ 28th largest trading partner, 19th export market, 40th import source and second major trading partner out of the 21 Latin American countries.

According to Lopez, Mexico has poured in more investments in the Philippines than China, Japan, Korea and other Asian countries.

Large Mexican firms such as Cemex, a multinational building materials company, and Femsa, a world-leading Coca-Cola bottler, are both present in the Philippines.