MANILA, Philippines - Italian firms are interested to invest here with some looking to engage in the retail garment business and industrial fittings, and others looking to participate in the government’s infrastructure projects.
Trade Undersecretary Cristino Panlilio told reporters late Friday the Confederation of Italian Industries (Confindustria), Italy’s biggest association of manufacturing and services which sent a 21-member delegation to the country, is planning to enter the retail garments business here.
“Confindustria is planning to put up retail outlets here. They will start with garments,” he said.
He said Confindustria is looking to open stores which will distribute various Italian brands to cater to high-end market and middle-income earners.
“They are planning to put retail outlets in SM Megamall and Mall of Asia,” he said.
Apart from Confindustria, he said another firm part of the business mission is also looking to engage in the industrial fitting business here.
He declined to name the firm citing that talks are still ongoing between the Italian company and the prospective Filipino partner.
He said some of the firms part of the business mission likewise expressed interest to participate in the government’s public-private partnership (PPP) projects.
“I don’t know what specific projects (they are interested in). They had a briefing from the PPP Center,” he said.
He said the Department of Trade and Industry wants to encourage Italian firms to look at business opportunities here to increase trade and investment relations between the Philippines and Italy as the latter is one of the largest economies in Europe.
The Italian business mission to the Philippines held from Nov. 20 to 23, is the first to be conducted in 65 years.
Italian Ambassador to the Philippines Luca Fornari said in a press conference that it took a long time before the business mission was organized as Italian firms did not know much about the Philippines as well as the investment climate here.
“Now we see a lot of reports on improvements in financial and economic conditions in the Philippines,” he said.
Paolo Zegna, Confindustria international affairs board president, said in the same event that as the Philippines is one of the fastest growing economies in Asia, Italian firms are interested to look at opportunities here.
He said firms are interested in opportunities in the renewable energy and infrastructure sectors.
He also said there is a plan to organize another business mission here to see opportunities in other sectors.
“Agriculture and tourism could be the focus of the next business mission,” he said.
But while the strong economic growth of the country is encouraging Italian firms to do business here, Italian Chamber of Commerce in the Philippines board director Alfredo Malasomma said the government may also have to relax its rules on foreign ownership so that more investors would be enticed to come here.
The Philippine Constitution sets a 40-percent limit on foreign ownership of companies on certain industries.