Gov’t courts Goldman Sachs

Investment bank, securities and investment management firm Goldman Sachs is being courted by the Philippines to invest some of its managed funds in the country.

According to Trade and Industry Secretary Peter B. Favila, Goldman Sachs Asia chairman Tom Morgan recently visited the country and paid a courtesy call on President Arroyo.

Morrison, along with other top Goldman Sachs officials, also met with Favila to explore possible investment opportunities.

Goldman Sachs, Favila said, expressed interest in a range of areas including tourism.

One particular area the firm was eyeing was Busuanga in Palawan province where an Amanpulo-type of resort could be built.

Favila offered the Subic Bay Freeport and Clark as possible investment areas especially since Subic is keen on developing more high-end tourism facilities while the Government is set to privatize the Mimosa Golf Resort in Clark.

The Mimosa Golf Resort, Favila said, has been doing good lately due to the influx of Korean tourists.

Apart from tourism, Goldman Sachs, Favila said, expressed interest in the Transco privatization.

Goldman Sachs, Favila said, already has existing investments in the Philippines in bonds, equity funds and a few others.

The Goldman Sachs top executive was able to spend only a brief one-day visit, but Favila has invited the officials to return for a longer exploratory visit.