U.K. INVESTORS FRET OVER SUBSIDIARY OF REFORMS
MANILA, APRIL 11, 2006 (MALAYA) By GENIVI FACTAO - British investors are worried over the sustainability of economic reforms that will drive growth, Rene Pizarro, executive director of Investor Relations Office yesterday said.
The economic team updated the UK business and financial communities on recent developments and drummed up opportunities in information communication technology, services and logistics.
The economic managers non- deal road show was sponsored by ABN Amro, Deutsche Bank AG and UBS AG
"UK based investors were optimistic seeing the progress highlighting on the fiscal front" Finance secretary Margarito Teves said.
However, Pizarro said "critical investors considerations were centered on the sustainability of the country’s economic reforms and delivering results that will bring about long term macroeconomic growth and fiscal consolidation."
Trade and industry secretary Peter Favila, said the UK businesses have major investments in the Philippines, power and energy sectors as well as in agribusiness, transport, water and financial services.
"Bangko Sentral governor Amado Tetangco Jr. said investors recognized the country’s sound external position and were supportive of efforts to capitalize on the strong tide of investor confidence in the Philippines.
This will translate to healthy surplus of the balance of payments, record growth in gross international reserves and the relative strength of the spreads, fueling investor appetite in local currency issues and spurring reforms for accelerated development of the domestic capital market.
The next leg of the road show will be in New York where US investors will be invited to invest in specific investment opportunities such as energy. Energy secretary Raphael Lotilla will be joining the team in this occasion.
Chief News Editor: Sol Jose Vanzi
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