3 US firms plan to invest in RP

At least three American firms which participated in a recently concluded trade and investment mission are planning to invest in the Philippines, John Howley, head of the trade and investment mission organized by the US law firm Kaye Scholler, announced yesterday.

Howley said Prudential Asia Infrastructure Investors Ltd. is planning to pump $75 million into the country through various infrastructure and transportation projects.

Aside from Prudential Asia, Howley said, Computer Associates International Inc. has also indicated its plans to make the Philippines as a regional hub for its software development operations in Southeast Asia.

The third US firm, Spectrum Technology Corp., is set to submit a proposal to the government regarding energy exploration.

Joseph Ferrigno, president and chief executive officer of Prudential Asia, was unavailable for comment during the press conference at the conclusion of the mission.

However, Howley relayed that Ferrigno had communicated Prudential Asia’s investment plans to no less than President Arroyo during a courtesy call of the mission participants to Malacañang.

Ferrigno, Howley said, inquired about ownership regulations in the country as well as incentives being offered by the government.

Lysander Salcedo, country manager of Computer Associates, said his firm is looking at the possibility of making the Philippines its regional hub for its software development operations. He cited the country’s large pool of highly-trained information-technology workers.

Spectrum Technology president Sam J. Higgins, for his part, said his firm will submit a proposal to the government soon regarding its plans to explore possible gas and oil sources.

Several other firms which joined the mission also said they are currently holding talks or looking at various investment possibilities in the country.

SCS-Wetherill Environment, which specializes in integrated solid waste management, is reportedly talking with government about the garbage problem plaguing Metro Manila.

Continental Airlines, for its part, is interested in expanding its operations in the country so it flies 11 times a week to Guam and Micronesia.

Howley said that following the various meeting’s with American businessmen already doing business in the country, government officials and Filipino businessmen, the mission participants are optimistic on the economic prospects of the country.