The Trade department yesterday said it was confident big-ticket pledges from multinationals last year would lure more investments for 2010.

Officials recalled commitments made by four conglomerates to sink in a total of P120.1 billion into the country’s mining, agriculture, manufacturing and transport sectors.

The Board of Investments is targeting a 10% increase in pledges this year while the Philippine Economic Zone Authority expects a 15% growth.

Investment pledges to these two state agencies in the three quarters of 2009, in contrast, plummeted by 71% to P106.9 billion versus the same period in 2008, according to the latest official data.

“[But] investor confidence in the Philippines continues to be strong with the recent entry of critical investments from several global conglomerates ... ,” Trade Secretary Peter B. Favila said in a statement.

The Trade department cited four in particular: the P62.7-billion pledge for nickel mining from Taganito HPAL Nickel Corp. which is partly owned by Japan’s Sumitomo Metal Mining Co.; the P2.4-billion fish feed factory of Thailand’s Charoen Pokphand or CP Foods; the Kuwaiti Al Kharafi Group’s P54-billion bid to develop and manage the Diosdado Macapagal International Airport at the Clark free port zone in Pampanga; and Philip Morris International’s plan to invest up to P1 billion for a tobacco leaf warehouse in Subic free port.

“With these companies already in the country, we are optimistic that others will follow,” Board of Investments Managing Head Elmer C. Hernandez said in the same statement.

“These investments can generate ... a bullish perception among potential and existing investors that the Philippines remains to be a productive and profitable place to do business,” Mr. Hernandez said.

Source: http://www.bworldonline.com/main/content.php?id=5312