Many Untapped Opportunities For Both Sides, Says Philippine Ambassador

KUALA LUMPUR, April 1 (Bernama) -- Investment flows between the Philippines and Malaysia have increasingly become two-way rather than one-way, with a lot of untapped opportunities for both sides, says Philippine Ambassador to Malaysia J. Eduardo Malaya. He said both countries need to continue to push for closer economic cooperation. "We would like to invite Malaysian companies to explore opportunities in sectors like the halal market, agribusiness, infrastructure and tourism services. "The halal hub in the city of Zamboanga in Mindanao is being established, while for agribusiness, we urge the Malaysian oil palm plantation companies there to do it on a bigger scale," he said at a press conference after attending a seminar on "Malaysia-Philippines Business Opportunities" and a business matching session here Thursday. The programme was arranged by PhilMal International Sdn Bhd, a marketing and investment company that focuses on organising trade shows and seminars. Earlier, the amnbassador in his opening remarks said the Philippines has benefited much from investments by Malaysian companies such as Maybank, Genting Resorts World, Shangri-la Hotels, Berjaya Group, St. Giles Hotels and AlloyMTD, among others. "In recent years, Philippine companies have also become active investors in Malaysia, notably Petron Corporation, PLDT Malaysia, Century Motolite Battery, URC Snack Foods, Pancake House International Malaysia and LBC Malaysia," he said. Citing an example, he said in April last year, Ayala Land invested US$42.88 million in property developer GW Holdings Bhd, and the following June, First Pacific Group invested US$15 million in iFlix, a video streaming company (US$1 = RM3.89). The Philippines has been enjoying strong economic growth, with the Gross Domestic Product (GDP) expanding 6.1 per cent in 2014 and 5.8 per cent in 2015 and projected to grow 7.0 per cent in 2016, he said. "You may ask, is it safe to do business or even visit the Philippines, or Mindanao for that matter. "As Ambassador, I am mystified why mostly stories of kidnappings are what get the attention of the media. "With its huge potential, Mindanao now has been called the 'Land of Promise'," he added. --BERNAMA