MANILA, Philippines - The local government of the city of Virginia Beach in the US is encouraging companies to invest in the Philippines.
Trade Undersecretary Ponciano Manalo Jr. told reporters that officials from the Virginia Beach Development Authority visited the country late last month to learn about the business environment and check out investment opportunities which they can pitch to companies in Virginia Beach.
“They asked the details of how to invest, what are the BOI (Board of Investments) incentives...I discussed with them the values of investing in the country and they asked me questions about why is it the right time to invest and gave them the usual encouragement to invest (here),†he said.
The Virginia Beach Development Authority which works in cooperation with the Virginia Beach City’s Department of Economic Development, seeks to facilitate the expansion of the city’s tax base through increased business investment.
“They are looking at many sectors. IT (information technology) is one.
They are (also) looking at opportunities in medical healthcare,†Manalo said.
He said the Virginia Beach Development Authority is also interested in trade opportunities, particularly in Philippine food exports, as many Filipinos are living in Virginia Beach.
As there are many Filipinos residing in Virginia Beach, the Philippine embassy in the US has also helped in promoting the country as an investment destination.
Manalo said Philippine Ambassador to the US Jose Cuisia Jr. and his staff visit Virginia Beach three to four times a year, to make presentations about the Philippines and to provide services to the Filipino community there.
Virginia Beach is located in the Hampton Roads metropolitan area of the Commonwealth of Virginia.
Apart from the Virginia Beach Development Authority, Manalo said representatives of a French company engaged in seven business lines including manufacturing and services, went to the Philippines last month to see if they can establish their presence here.