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26/04/2013: Cuisia Optimistic More US Investments to Come In

PRESS RELEASE
WDC-033-2013
25 April 2013


WASHINGTON, D.C.—The Philippine Embassy is confident more investments from the United States will pour into the country following the visit to two key cities of a powerhouse business delegation that wants American and Filipino-American businessmen to seriously consider putting their money in the Philippines.

In a statement, the Philippine Embassy reported the successful launching in Los Angeles and Chicago of the 2nd Philippine Investment Roadshow organized by Ambassador Jose L. Cuisia, Jr. with the Philippine Consulates General in Los Angeles, Chicago and New York.

“We are confident that more investments from the US will be coming in, especially after we heard the enthusiastic response of not only American corporate and government executives but also Filipino-American businessmen in the West Coast who listened to us share the good news about the Philippines,” Ambassador Cusia said at the end the delegation’s visit to Chicago.

The business delegation, which is headed by Ambassador Cuisia and prominent Filipino economist Dr. Bernardo Villegas, will head off to Boston as part of a private sector-led effort to promote the Philippines as an investment destination.

Aside from Ambassador Cuisia and Dr. Villegas, the other members of the delegation are Benjamin Philip Romualdez, President of the Chamber of Mines of the Philippines; Isidro Consunji, President of DMCI Holdings; Roberto Dispo, President of First Metro Investment Corp.; Rainerio Borja, President and Country Head of EGS Philippines; Dan Lachica, President of the Semiconductor and Electronics Industries in the Philippines, Inc. and Jesus Zulueta, Jr., Chairman of ZMG Ward Howell.

Ambassador Cuisia said he expects the roadshow to further improve trade with the US, the country’s third largest partner as he cited statistics from the US Trade Representative which pointed to growing two-way trade between the two countries—from $13 billion in 2009 to $15 billion in 2010; and $22 billion in 2011.

On Tuesday, the delegation met with around 130 representatives from a number of US and Filipino-American companies in a forum organized by the Council on Trade and Investment for Filipino-Americans and the Filipino-American Chamber of Commerce of Orange County.

On Monday, the delegation met with officials of the Port of Los Angeles, the Los Angeles Area Chamber of Commerce and University of California Los Angeles Smart Grid Energy Research Center. They also attended the Town Hall Meeting or Pulong Bayan with Filipino Community organizations led by the Filipino-American Chambers of Commerce and the emerging generation of Filipino-Americans in Los Angeles.

According to Consul General Hellen Barber-Dela Vega of the Philippine Consulate General in Los Angeles, the delegation launched the roadshow in Los Angeles because of its role as the primary gateway of the Philippines for trade with the US since 1992. She said Los Angeles handles 25 percent of total US trade with the Philippines, which is also its 16th largest trading partner.

Consul General Barber-Dela Vega said that in all their meetings, the delegation urged American and Filipino-American businessmen to seriously consider investing in the Philippines, which is now considered as the “Rising Tiger of Asia.” They cited the positive economic indicators in the country that have been made possible by government’s efforts to increase infrastructure spending, achieve fiscal sustainability and fight corruption, among others.

Consul General Barber-Dela Vega said the delegation will stay in Chicago until Thursday before proceeding to Boston for the last leg of the roadshow. END