The Philippine Chamber of Commerce and Industry said Monday it expects a fourfold increase in foreign direct investments over the next five years, driven by pledges from China and Japan and the entry of a new entertainment resort.
PCCI secretary general Cris Frianeza said while the Duterte administration’s pivot to Asia met opposition from several fronts, the new investment commitment from a single state visit to China would “just prove the government’s tack to be effective, especially on the economic front.”
“We’re looking at diversified investment partners. In fact in the past two weeks, we had investors from the Netherlands. And this week we have business delegation from Sweden and Denmark. So I think we are expecting a lot more investment over the next five years or during the duration of his term,” he said.
Frianeza said the war on drugs waged by the current administration was making the Philippines a reliable investment destination.
He said the government’s anti-drug campaign made it possible for investors not to fear the Philippines “but the administration should be able to fast track the implementation of all of the president’s plans.”
“They need to be more vigilant on the investments that come in and devise means on how to sustain them,” he said.
“The war on drugs and good government and peace and security will also improve investment. It’s matter of giving attractive packages in terms of incentives. Right now the countries in the Asean are competing for investments. Casinos provide good investments for a country. There’s nothing wrong with that. It provides employment to many people,” Frianeza said.
The Bay Area and Cebu are two sites where casinos and gaming facilities are thriving, he said.
Okada Manila will open the biggest integrated resort in the country in December.
The $2.4-billion Okada Manila project represents Japanese gaming mogul Kazuo Okada’s biggest investment to date, and is expected to contribute heavily both in generating local jobs and in improving tourism revenues.
Okada Manila’s direct competitors in Entertainment City brought in significant earnings in the first half.
Bloomberry Resorts Corporation, operator of Solaire Resort and Casino, posted a core income of P174 million, while Melco Crown Philippines, which runs City of Dreams, reported net operating revenues of over P917 million.