US firms expect more investments after May polls

AMERICAN companies are expected to infuse more investments in the Philippines after the May 10 national elections, the American Chamber of Commerce of the Philippines said Wednesday.

“It has been always like that historically. That is normal. That has been always the case whether it is here or AmChams in the rest of the region,” Robert Sears, executive director, told Manila Standard in an interview.

Sears said US companies were expected to increase their investments in the Philippine business process outsourcing sector.

“BPOs [in the Philippines] continue to perform very well,” he said. “We have our focus group discussions on the seven big winners and we are encouraging investments in all seven areas, not just BPOs.”

Sears referred to the seven business sectors that could create millions of new jobs in the country. They are agribusiness, business process outsourcing, creative industries, infrastructure, manufacturing and logistics, mining, and tourism and retirement.

The American chamber and other foreign business groups in the country said there should be a robust legal framework for the business process outsourcing industry. It includes the passage in the 15th Congress of the laws creating the Department of Information and Communications Technology, cybercrime, data privacy, holiday rationalization and the much-needed Labor Code amendments.

Sears said interests were also high in the areas of agribusiness, mining and tourism. “The interest is all there. Also when we have more open skies, there will be more tourists that will lead to retirement and medical services.”

The government earlier said medical tourism could bring in as much as $3 billion into the economy in the next three years as more foreign travelers seek quality health care from Filipino medical professionals.

Related businesses seen to benefit from medical tourism are travel agencies, health care concierge services, hotels, resorts and spas, vehicle rentals and local souvenir shops and food stalls.

Demetrio Salipsip Jr., executive director of AmCham Foundation, said the chamber would always support government policies for businesses to attract more investments in the country.

“The government, based on their own goals, will create policies that are good for the country. And whatever policies they create will always have our support. The American chamber has been supporting government policies for businesses that create opportunities for investments,” he said. –Julito G. Rada, Manila Standard Today