More investments seen when Noy meets with European leaders

MANILA, Philippines - Malacañang expects more investments for the country when President Aquino meets with kings and leaders of Europe next week.

Presidential Communications Operations Office Secretary Herminio Coloma Jr. shrugged off criticisms the President’s trips abroad were not yielding positive results, saying the figures do not lie about the economic growth.

He said independent international rating agencies had given the country investment grade ratings, and the Philippine economy is known to be the fastest growing among its Southeast Asian neighbors.

Coloma stressed the government had been focused on efforts to improve the economy to provide more jobs and give Filipinos better lives.

Coloma was reacting to businessman and analyst Peter Wallace’s claim that the trips of the President did not bear fruit in terms of foreign direct investments (FDI) as it did not match those that were promised to him.

Wallace said Aquino had made 30 trips to 17 countries in three years, but only $9 billion in investments had come in.

He said the Philippines is attracting the lowest level of FDI among the major Asian economies in the last three years. He noted that China received $975 billion in FDI, Singapore $175.4 billion, Indonesia $56 billion, Malaysia $36.4 billion, Thailand $27.4 billion, and Vietnam $24.7 billion during the same period.

In his speech at the launch of the 420-megawatt Pagbilao III power plant project in Makati City yesterday, Aquino said the country’s average economic growth was up to 6.3 percent from 2010 to 2013 compared to only 4.3 percent in 2006 to 2009.

“The Business Process Management sector remains one of our strongest-growing sectors – and, given their facilities and equipment needs, they are also a strong consumer of energy. Manufacturing has bounced back, growing by 10.3 percent in 2013, and by 10.8 percent in the second quarter of 2014. Employment has steadily increased, with 1.06 million net employment generated from July 2013 to July 2014,” he said.

Aquino said the Philippines is also set to hit a “demographic sweet spot” by next year, meaning the majority of the population would be of working age.

“I understand this will persist for something like 30 years. Add to that the fact that more and more investors are coming to the Philippines and setting up shop here. Indeed, the economy will continue growing – and so too will the demand for power grow,” he said.

Foreign Affairs Assistant Secretary for European Affairs Maria Zeneida Angara Collinson had said the President would leave Saturday night for Spain, the first leg of his trip.