Manila guarantees a peaceful investment climate

KUALA LUMPUR: Malaysian companies interested in investing in the Philippines do not have to worry about government bureaucracy and corruption, assured the country’s Trade Secretary Ramon Lopez.

They, he added, were guaranteed a peaceful place to invest in.

In making his pitch to Malaysian companies, Lopez said Philippine President Rodrigo Duterte was making a personal promise that he would find lasting peace, especially in southern Philippines.

“He is promising stability in policy, protecting investment by ensuring security in some parts of Mindanao.

“If you encounter difficulties – extortion, corruption – let me know. I will handle it myself and ensure that it will be a worry-free investment experience in the Philippines.

“Mindanao and Palawan are good areas to plant oil palm and rubber. You can plant in one million hectares of land,” Lopez said after attending the Malaysia-Philippines Business Council roundtable here yesterday.

A Malaysian official said Lopez had told the roundtable that Duterte instructed all its ministers to look at all procedures, and they wanted Malaysian companies to invest in palm oil and rubber.

“You can see they are genuine, and for the first time the president is looking at the needs of his people and he is taking an inclusive approach by giving priority to Asean countries,” added the official.

Malaysia’s investment in the Philippines stands at US$63mil (RM266.39mil), with investors including Resorts World Hotel, Shangri-La Hotels and AlloyMTD Group.

Last year, bilateral trade between the countries recorded US$4.36bil (RM18.44bil).

In 2015, Malaysia was the Philippines’ 10th major trading partner and the third within Asean.

Philippine Ambassador J. Eduardo Malaya said with a population of over 100 million, his country’s economy was booming.

“There are opportunities in infrastructure development, halal industry, tourism and franchises.”