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Kota Kinabalu: Investors from Sabah are welcome to put their money in southern Philippines and unlock its vast economic potential.

Commercial attaché in the Embassy of the Republic of the Philippines in Kuala Lumpur, Katrina Banzon, said Mindanao has been pushing hard on its development agenda, thus opening its arms to foreign investors to invest in the various potential sectors.

She said this was despite concerns raised by some players about security in the country’s southern region.

“In the Philippines, especially in Mindanao, it is generally peaceful and the situation in under control. Bombings are very isolated (as compared) with other more developed countries.

“It’s safe to do business. Even last year and in 2017 when there was some hoo-ha going on in the southern Philippines until martial law was declared, we were open for business. We even held a big business conference where some Malaysian companies also participated,” she said after paying a courtesy call on the Sabah United Chinese Chamber of Commerce (SUCCC), Thursday.

 

 

Banzon noted that Mindanao is known as a food basket in the country that offers huge investment opportunities for investors to explore the agri-business potential.

She said other than the sector, other investment opportunities are in the halal industry development and export, manufacturing, infrastructure and property development, the service industry particularly that of high value and value-added services, plus others, especially Mindanao-related investment projects.

She also noted that Malaysia is one of the Philippines’ biggest trade and investment partners, currently ranked third.

“Last year, we grew investments by more than 3,000 per cent. And trade also grew by 9 per cent,” she said, adding that the increase in percentage was valued at USD271.23 million from January to September in 2018, from USD8.03 million.”

She said among the major investments by the Philippines and Malaysian companies in 2018 were CIMB Group Berhad, MID Group Berhad, the Philippines’ biggest fast-food chain, Jollibee and Ayala Land Inc.

Acknowledging SUCCC’s role in local business and economic development, Banzon said the trade mission of the country may initiate plans to bridge business connections with business chambers in the Philippines.

She believed that considering the geographical closeness between Sabah and the southern region of the Philippines, economic potentials between both sides must be explored and opportunities fully exploited.

She said judging from the responses she received during her brief meeting with SUCCC members, many are still unfamiliar with what the Philippines and its southern region has to offer in terms of business and economic development.

Meanwhile, SUCCC President Tan Sri Andrew Liew concurred with Banzon that there are vast investment opportunities to be explored in Sabah’s close neighbour.

He said SUCCC takes note of the investment opportunities and packages they can offer and will look into what particular sectors, especially infrastructure development, that can be explored by investors from the State.

Liew also said Banzon’s invitation was timely as it suits well with the State Government’s move to lift the ban on barter trade between southern Philippines and Indonesia on Jan 1, this year.