Filipino envoy lures Czech companies to invest in PH; cites country's competitive edge

Published September 6, 2021, 3:02 PM

by Roy Mabasa

Philippine Ambassador to Prague Ombra Jainal has called on Czech investors to take a look at the Philippines’ positive business outlook being one of the top emerging economies and countries for investments in the region amid the ongoing onslaught of the COVID-19 pandemic.

Philippine Ambassador to Prague Ombra Jainal speaks before the International Chamber of Commerce in the Czech Republic during the “Territorial Workshop: Philippines” held at the Kinstellar in the Czech capital on Sept. 1. (Philippine Embassy-Prague)

Jainal made this pitch as he invited member-companies of the International Chamber of Commerce in the Czech Republic to invest in the Philippines during the “Territorial Workshop: Philippines” held at the Kinstellar in the Czech capital on Sept. 1.

“The Philippines remains as one of the top emerging economies and countries for investments. Reliable international entities, such as Japan Credit Rating Agency, Moody’s and S&P Global Rating, continue to give good credit ratings to the Philippines,” the Filipino diplomat said.

Jainal cited the strong recovery of the Philippine economy in the second quarter of 2021 with the 20.8 percent growth of the industry sector and the 9.6 percent positive rate performance of the services sector.

The Philippines, he adds, “is on track to achieving a growth of four percent to five percent in 2021”.

To highlight the major advantages of investing in the Philippines, Minister and Consul General Indhira Bañares cited the implementation of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act; unrestricted movement of critical products and people (especially during the pandemic); highly talented and dedicated Filipino workers; the availability of economic and industrial zones in key locations, including New Clark City; and, infrastructure development.

Key sectors promoted were aerospace manufacturing and services, defense, automotive and transportation, food and beverage, and IT-BPM.

Among the Czech business representatives who attended the workshop were from Czech companies such as Ataco, Aura CZ, Fiege, Frentech Aerospace, and Skoda Auto.

As part of the workshop, Home Credit, a consumer finance company that employs thousands of workers in the Philippines, gave its testimony on doing business in the country.

Just recently, CZ, a world-renown engineering company whose main activities include the production of service, hunting and sports firearms opened its first physical store in Asia at the BGC in Taguig City.

 
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