Can Aquino woo investments from economically ailing Europe?

Manila: Philippine President Benigno Aquino said he will target foreign investments and trade during his 10-day European tour from September 13 to 23, but critics said that the weak economies of European countries would not sustain this target.

“I don’t want to tell you which investments we’re hoping to come in because, as the saying goes, it hasn’t happened yet and we don’t want to jinx it,” said Aquino, adding he will promote the Philippines as an investment capital because of a well-trained and English speaking labour force.

“Big investments will range from tourism to products like Information Technology,” said assistant foreign secretary Zeneida Angara Collinson, but she did not give details.

In Spain, the first leg of Aquino’s visit, he will meet with King Felipe VI and Prime Minister Mariano Rajoy.

“This will underscore the Philippines as Spain’s only Official Development Assistance (ODA) priority country in Asia, said Collinson.

The Philippines was colonised by Spain for 377 years from 1521 to 1898.

She did not mention any amount of foreign direct investments (FDI) coming from Spain, which is one of the weakest economies in Europe today.

In France, the second leg of Aquino’s visit, he will meet with French President Francois Hollande, for the signing of an air service agreement, and the reactivation of a joint economic committee to stimulate bilateral economic cooperation between the two countries.

In Germany, Aquino will meet Chancellor Angela Merkel and Federal President Joachim Gauck, to announce the establishment of the German-Philippine Chamber of Commerce and Industry, to encourage investments from Germany.

In reaction to Aquino’s European tour, businessman Peter Wallace said that the president’s 30 trips to 17 countries in three years resulted only in the entry of $9 billion (Dh33 billion) in foreign direct investments (FDI) to the Philippines.

In the last three years, Wallace compared, China had $975 billion in FDI; Singapore had $175.4 billion; Indonesia had $56 billion; Malaysia had $36.4 billion; Thailand had $27.4 billion; and Vietnam had $24.7 billion.

But independent international rating agencies have raised the Philippines’ investment grade ratings, making it one of the best places for investments, argued Presidential Communications Operations Office Secretary Herminio Coloma Jr.

The Philippine economy is also the fastest growing in Asia, added Coloma.