Two US-based firms try their luck again in RP

Good luck, happy trails, or is it break a leg?

President Arroyo welcomed yesterday two US-based companies, jointly owned by Filipinos and Saudi Arabians, that have expressed renewed interest to invest in the Philippines after being stymied by the perceived corruption in the previous administration.

The one-month-old Arroyo government spread out the carpet, literally, to officials of the International Access Corp. and the International Electric Corp. at Malacañang yesterday, with the Chief Executive herself wishing them good luck.

The prospective investors were led by Cecilia Reyna Montenegro-Gonzalvez, chairwoman and chief executive officer of International Access, a holding company that develops tourism sites.

One of the projects of International Access is the development of a hotel and marina in Negros Oriental, said Gonzalvez, who is also vice chairman of the board and CEO of International Electric.

"We were not able to get anywhere because of the previous administration’s gall of corruption that we’ve always faced with," the businesswoman said.

International Electric, which manufactures and distributes transformers, was organized and registered with the Securities and Exchange Commission two years ago, Gonzalvez explained.

Emerging from the courtesy call, Gonzalvez said she told the Chief Executive about the formation of the two companies which were joint venture business deals, 60 percent owned by Filipinos and the rest by Americans and Arabs.

Asked what the President told them during the meeting, Gonzalvez said: "Good luck!"

The businesswoman could not give any ballpark figure which their companies might invest in the country, but estimated they might go for the homerun, or plunk in millions of dollars.

She seemed excited about the Negros Oriental project. "The project is enormous and our directors are internationally known and therefore have the power to bring in the funds that will be required to cover all our programs," she said.

Gonzalvez said that though there was no mention about possible "incentives" for new investors coming in to the country, she was optimistic for the two companies because they are registered with the Board of Investments.

"Eventually we will have incentives because if we are BOI-registered, we will get incentives," she said, pointing out the government normally gives tax breaks to companies registered with the BOI.

Gonzalvez was with fellow executives Robert Jones, Manuel de Veyra, and Ali Hasan in her call on the Palace. –Marichu Villanueva