Teves lures US biz into P1.7-T infra

By Jun Vallecera

Reporter

FINANCE Secretary Margarito Teves urged investors in New York on Tuesday to participate in the country’s P1.7-trillion infrastructure buildup program where the private sector, local or foreign, is expected to contribute a significant role. To be conducted over a four-year stretch, the massive buildup program was conceived to ensure the country’s growth was on a secure and sustainable path going forward. “Private-sector participation in our country’s infrastructure development program will be essential to its success,” Teves reported from New York where he and other senior government officials met with potential partners. He told a gathered crowd there are “opportunities for investments in income-generating infrastructure projects such as roads, highways and bridges” waiting to be discovered in the Philippines. The corps of officials he headed has in fact received “strong indications of interest” that he plans to pursue in earnest later on, Teves added. He noted American companies already comprise some 85 percent of the business process outsourcing firms already in the Philippines. Other high-growth sectors with very significant American participation involve companies in the area of information and communications technology, mining and power generation, he added. These sectors were all expected to post high growth in the coming years as the country’s macroeconomic underpinnings continue to improve over time, Teves said. “These investors realize that we have been delivering on our promise of economic and political stability, and clearly we have not just been meeting but exceeding expectations the past 12 months,” he said of those that have already established their presence in the Philippines. “Our microeconomic reforms geared toward raising our country’s competitiveness by improving the quality of our workforce, streamlining our transaction flows, lowering the cost of doing business and enhancing our country’s infrastructure network will help build even more confidence and attract more investments in the years ahead,” Teves said. From New York, Teves, along with Bangko Sentral ng Pilipinas managing director Cyd Amador, will proceed to Frankfurt, London and Milan, where they plan to conduct similar no-deal investment road shows. Teves completed all his financing needs for the year when he sold government bonds that generated $1 billion from investors last January. The road show was designed to drum up global awareness of what the Philippines has achieved in recent months and what it plans to do to build on its successes going forward.

 

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