Saturday, 30 January 2010

Investments expected to pour in ’10

By Abigail L. Ho
Philippine Daily Inquirer
http://business.inquirer.net/money/topstories/view/20100129-250194/Investments-expected-to-pour-in-10

MANILA, Philippines--After getting huge investments from large foreign firms last year despite the recession, the Department of Trade and Industry is confident that the country will get more infusions this year as the global economy has already started to recover.

The country last year welcomed the entry of Japanese firm Sumitomo Metal Mining Co., Thai company Charoen Pokphand Foods, and Kuwait’s Al Kharafi Group through subsidiary Al-Mal Investment Co.

These committed investments totaled around P119 billion.

“Investor confidence in the Philippines continues to be strong with the recent entry of critical investments poured from several global conglomerates. The decision of these companies to invest is a clear indication that the Philippines remains to be one of Asia’s investment destinations of choice,” Trade Secretary Peter Favila said in a statement.

The biggest among last year’s committed foreign investments was that of Taganito HPAL Nickel Corp., a joint venture between Nickel Asia Corp. and Sumitomo for a P62.7-billion nickel-cobalt mixed sulfides production project.

Thailand’s CP Foods, on the other hand, will set up a P2.4-billion aqua feed mill plant in Capas, Tarlac. The Al Kharafi Group’s Al-Mal had likewise committed to invest $1.2 billion for the development and expansion of the Diosdado Macapagal International Airport in Clark Field, Pampanga.

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