Five companies from Qatar pledged to invest $176 million in the Philippines, despite the diplomatic crisis in the Middle East, the Philippine Economic Zone Authority said Thursday.
Peza director-general Charito Plaza said the companies were pushing through with the proposed investments they committed during an investments roadshow in March 2017.
“The Qatar crisis is to our advantage. While they were bound by a trade embargo from several of its neighboring countries, they are now turning to the Philippines for food and other basic requirements. They are now telling us that the more they will invest in the Philippines,” Plaza said.
Plaza said three of the companies committed to build retirement villages. GBS-Blackleaf would invest $90 million while FQR Comsortium committed $60 million. Chitilion Group pledged $6 million.
MMGI, another Qatari company, is poised to put up a $10-million hospital facility while NFCA would $10 million for a nanocarbon technology facility.
The Qatari companies made the commitments to invest in the Philippines before the diplomatic crisis in Qatar surfaced. Several Middle Easter countries cut ties with Qatar over accusations that the latter was supporting extremism.
Two Qatari companies visited Palawan to look for potential sites while two other already signed memoranda of agreement with the local government of Mauban, Quezon.
The Qatar government is also keen on sourcing food from the Philippines such as poultry and vegetables, according to Peza.
“Maybe their government can ask our government to supply crops and food they need. I think, more than anything else, Qatar is more interested to import food,” said Plaza.
Plaza said the investments from Qatar would help the agency achieve its investment target of P872.8 billion this year.
