PH hosting of 2015 APEC Summit seen to lure investors

Posted at 06/17/14 4:27 PM

MANILA, Philippines – The Philippines' hosting of the APEC Summit in 2015 is expected to lure investors to the country.

Trade Secretary Gregory Domingo said the Philippines will sell its strengths, such as the investment grade it secured from credit rating agencies Fitch Ratings, Moody’s Investor Service, and Standard & Poor’s (S&P).

These agencies cited the country’s improved fiscal situation, ample foreign-exchange reserves, stable banking system, and positive growth and inflation dynamics.

In May, S&P lifted anew the country’s credit rating one notch above the minimum investment grade.

“As we welcome business and government leaders from different parts of the globe to our shores, we want to tell them that the Philippines, which has become a rare bright spot amid uncertainties in the global economy, is an ideal place for investments,” Domingo said.

“This moment, when the country is said to be entering the demographic sweet spot, is the opportune time for any business to start marking its place in this vibrant economy,” he added.

Domingo also said the high-profile business conference expected to be attended by foreign governments and global business leaders will help the country generate more foreign direct investments and create jobs.

The government and private-sector groups have started meeting to formulate a master plan for the event.

The APEC Summit will be held in various locations in Manila, Clark and eight other cities from February to October 2015.

Aside from the Philippines, other member economies of APEC include Australia, Brunei Darussalam, Canada, Chile, China, Hong Kong, Indonesia, Japan, Republic of Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, Russia, Singapore, Chinese Taipei, Thailand, the United States, and Vietnam. -- With ANC