Wednesday, February 19, 2014
Philippines-PNoy Invites Investments in Philippines
Pres. Aquino delivers a speech during the 3rd Euromoney Philippines Investment Forum of 2014 at the Ballroom 1 of Solaire Resort and Casino in Paranaque City on Feb. 18, 2014 in the photo is also the Finance Sec. Purisima. Yesterday he urged potential investors to be part of the country's success story and invest in lucrative sectors such as infrastructure, tourism and agriculture. In return the president promised to sustain the country's impressive economic development as well as pursue measures, including amendments to the Build Operate Transfer law, to keep the business climate conductive to growth. PNoy spoke a new on the country's economic achievements and the opportunities for investment during the 3rd Euromoney Philippines Investment Forum of 2014. To attract more investors he said the administration will support the passage of bills that will foster a business friendly environment. At the start of his speech the president shared the report card of the Philippines, citing the 7.2% economic growth in 2013 the investment grade obtained from major credit rating agencies and improved competitiveness ranking. Although the government is focused on the rebuilding of Super Typhoon Yolanda hit areas the president assured that he's not dropped the ball in promoting vital industries such as agriculture, infrastructure, tourism or manufacturing. He said these key industries that drive economic growth made giant strides last year. The manufacturing sectors grew by 10.5% and was one of the main factors in building on the country's economic momentum he said. The government also increased infrastructure spending from Php 304 Billion in 2013 to nearly Php 400 Billion in 2014. He cited the construction of 3 new major airports as well as rehabilitation of 50 others in strategic areas. PNoy also committed to stimulate growth in the agricultural sector, citing plans to develop irrigation mechanisms and agricultural infrastructures.
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