‘Gov’t lures P334 B in investments during Noy’s foreign trips’

MANILA, Philippines - The Philippine government lured a total of P334 billion in fresh investments from President Aquino’s foreign visits and attendance at regional conferences in 26 countries since he assumed office in 2010, according to Malacañang.

“Those have been fruitful and meaningful trips for the President as he strengthened the country’s diplomatic and economic ties with other countries,” Press Secretary Herminio Coloma Jr. said.

This was the result of Aquino’s attending regional conferences including the Association of Southeast Asian Nations, the Asia-Pacific Economic Cooperation summits, Asia-Europe Meeting, World Economic Forum and UN forum, aside from state visits to countries, he said.

Coloma said these visits gave the local economy a big boost in terms of trade and investment.

“Out of the 26 countries that he (Aquino) visited since June 2010, Philippines got a total of P334.1 billion in investments that created and generated more or less 43,365 jobs for our people,” he said.

Coloma said the country received 66 project commitments from 55 foreign firms.

More than P611 billion in fresh investments have also been promised to the Philippines by China, Japan, the US and Britain. This is expected to help generate some 100,000 more jobs for Filipinos.

Of the 66 projects that have been committed, 16 have already been finished and another 16 are still ongoing. The rest are in various stages of completion.

Among the countries that Aquino had visited since June 2010 were the US, Japan, China, Great Britain, Russia, Switzerland, Australia, New Zealand, Singapore, Indonesia, Thailand, Cambodia, Laos, Brunei, Vietnam and South Korea.