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Chinese-Filipino traders to lure Asian investors


A new group wants to lure Asian investment back to the Philippines

By Amabelle Layug
CNN.com Writer

MANILA, Philippines (CNN) -- A group of Chinese-Filipino traders will launch an investment mission abroad to study how they can lure Taiwanese and Japanese investors back to the Philippines.

Chinese Filipino Business Club Inc (CFCBI) president Dante Go said Thursday the mission intends to find out why nations such as Vietnam, Thailand, and Cambodia get the majority of investments from Asian investors, while the Philippines receives merely 10 percent.

"We would like to make an objective study on the reasons Japanese and Taiwanese business investment are currently booming in these countries, so that the Philippines may experience the same in the immediate future," Go said.

Encouraging investment

Taiwanese businessmen are reportedly pouring in as much as $3 to $4 billion annually to Vietnam, Thailand and Cambodia, compared to $800 million to the Philippines.

The CFBC will be sending a 77-man trade mission to the three countries beginning Feb. 26 until March 5.

Go added the mission would also try to find alternatives to some Philippine policies that may have discouraged both Taiwanese and Japanese investors from entering the country.

He said these include the policy of double taxation in the Philippines, the inability of foreigners to own land, and labor unrest.

Eventually, Go said, the group would promote the country as a potential hub of business opportunities for the Asian investors, stressing on the new leadership of President Gloria Macapagal-Arroyo.

"We would like to intensify the impression of a favorable business climate in the Philippines by showing these countries that the Arroyo administration has the full cooperation of the business community," Go said.

Go added the group would try improve levels of understanding and goodwill with their counterparts.

A global mission

The group hopes to launch future missions in bigger countries like the United States and Europe.

In the past, CFBCI has conducted similar missions to Taiwan, People's Republic of China, Guam and Singapore.

The CFBCI was formed in 1998, after breaking away from the Federation of Filipino-Chinese Chamber of Commerce and Industry.

It caters to 500 individual members that count among the pillars in the Chinese-Filipino trade commerce, from the fields of manufacturing, construction, banking and other industries.

Tthe Makati Business Club said Thursday that the Philippines remains as a viable investment option for international players despite questions raised on the legality of the Arroyo presidency.

Analysts said the country experienced headvy withdrawal from foreign investors due to political instability during the Estrada administration, plagued with controversy including an insider trading scandal which rocked the stock market.