28 November 2014 - In line with the Philippines being selected as Country of Focus by the Dubai Chamber of Commerce and Industry in its Country Focus Briefing Series, Director for International Investments Promotion Service Angelica Cayas of the Department of Trade and Industry-Board of Investment presented investment opportunities in the Philippines to member companies of Dubai Chamber and members of the diplomatic corps on November 17 at the Dubai Chamber building.
In his welcome remarks, Mr. Hamad Buamim, President and CEO of Dubai Chamber, recognized the contribution of Filipinos in the United Arab Emirates (UAE). He also noted that the Country Briefing Series highlights business opportunities in identified emerging trade markets to an audience of member companies and other Dubai-based businesses. He added that the event is a platform which encourages delegates to network, build partnerships and make new business connections.
Philippine Ambassador to the UAE Grace Relucio Princesa, in her opening remarks, noted that the Philippines and UAE will be celebrating the 35th year of excellent relations in 2015. She, therefore, expressed optimism that the Philippines and the UAE will have stronger bilateral relations that go beyond labor relations. Ambassador Princesa noted the successful visit to the Philippines of UAE Minister of Economy Sultan bin Saeed Al Mansouri last February 2014. She thanked the Dubai Chamber for the opportunity to showcase what the Philippines can offer to potential investors. She cited the strong performance of the Philippine economy in the past four years under the administration of President Benigno Aquino III whose hallmark is good governance. The Ambassador also shared her advocacy of mobilizing Filipinos in the UAE to save and invest through the Pinoy Worldwide Initiative for Investment, Saving and Entrepreneurship (WISE) Movement. She expressed hope that the Philippine Embassy in Abu Dhabi, Philippine Consulate in Dubai and Dubai Chamber can continue to work together on future projects.
In her presentation, Director Cayas shared the ten indicators of a growing Philippine economy namely: 1) stable and resilient economic growth, 2) continuous inflow of OFW Remittances, 3) steady export growth, 4) steady investment flows, 5) robust domestic financial sector coupled with credit growth, 6) efficient revenue collection, 7) improving global competitiveness ranking, 8) dynamic people, 9) strengthened governance and anti-corruption measures, and 10) investment grade credit ratings. She also underscored the many reasons why it is good to invest in the Philippines, including the rich talent pool available in the country, robust infrastructure, strategic business location, and a first class lifestyle. Director Cayas likewise enumerated the attractive investment incentives for potential investors as well as the sectors the Philippines is promoting to the Middle East which are Public-Private Partnership (PPP) projects, power and renewable energy, agriculture or agri-business, tourism, and IT and Business Process Management.
Mrs. Fung Siu, Regional Editor for Economist Intelligence Unit (EIU) presented an independent outlook for the Philippines covering the economy, business environment and market opportunities. She agreed with other assessments that the Philippines is a rising star. She noted the Philippines’ stable political environment, strong economic fundamentals, economic resilience, improving business environment and its other potentials. She concluded that political and economic prospects are bright for the Philippines.
The Dubai Chamber, established in 1965, has more than 150,000 member companies which are operating in the UAE, Gulf Cooperation Council and greater Middle East and North Africa region. The Philippines is the third and last country featured in this year’s Country Focus Briefings Series. Mexico and Ghana were the Countries of Focus in March and June 2014, respectively. END