MORE than 4 million foreigners, mostly tourists, have entered the country during the first nine months of the year, up 6 percent from those who arrived in the same period last year, the Bureau of Immigration said.

Commissioner Marcelino Libanan said 4,024,067 foreigners from different countries arrived in the Philippines from January to September, compared with the 3,781,713 who came in the same period in 2006.

“That more and more foreigners are entering the country indicates that the Philippines is fast emerging as a favored destination for both foreign tourists and businessmen,” Libanan said.

He said the continued influx of tourists should dispel any doubts about the government’s ability to attract foreign investors and visitors.

“Foreign businessmen are coming because our economic fundamentals are sound; and despite the assertions of government critics that our government is facing a political crisis, the confidence of foreign investors in our economy remains very strong,” Libanan said.

As for the influx of foreign tourists, Libanan said, it was partly attributed to the policy reforms in immigration, such as the lifting of restrictions on the length of stay of foreign visitors in the country.

He explained that unlike in the past when foreign tourists are allowed only a maximum stay of one year, they can now extend their stay up to two years and even longer if the bureau finds that their reasons for doing so are meritorious.

Recently, the immigration office launched a new visa-upon-arrival program for foreign businessmen whereby they are issued landed visas upon their arrival here for a period of 30 days instead of securing the visas from the Philippine consulate in their country of origin.

Statistics showed that Americans, numbering 466,086, topped the list of foreigners who arrived during the nine-month period, followed by Koreans, 330,154; Japanese, 261,823; and Chinese, 136,223.

Also included in the top 10 list were Britons, Taiwanese, Australians, Canadians, Singaporeans and Germans.

Records also showed that more that 1.13 million of the foreigners who arrived were tourists while 431,236 were balikbayan or former Filipinos who have become naturalized citizens of other countries.

THE president of the French chamber of commerce in the Philippines said businessmen from the European country are now starting to see Cebu not just as a tourism destination, but as a place or investment.

AGGRESSIVELY positioning itself to contribute to the government’s Biofuels Act of 2006, Eastern Petroleum Corp. (EPC) is set to sign a joint-venture agreement with Guanxi Estate Group for its first phase of project development before the end of the month.

AN independent United Nations (UN) human-rights expert warned poor and developing countries, including the Philippines, that converting crops such as maize, wheat and sugar into biofuels would drive up the prices of food, land and water. 

MORE than 4 million foreigners, mostly tourists, have entered the country during the first nine months of the year, up 6 percent from those who arrived in the same period last year, the Bureau of Immigration said.

THE peso will likely soar to fresh multiyear highs against the US dollar once the Federal Reserve—the American central bank—slashes its key rate by either one-fourth or one-half a percentage point this Wednesday, the Trade Union Congress of the Philippines (TUCP) said.

THE National Competitiveness Council (NCC) is conducting its own study to determine if the Philippine economy could generate significant benefits from possible reduction in power costs for industries despite revenue loss.

BOCAUE, Bulacan—After palay prices reached a new high, hitting P17 a kilo early inSeptember, it started to drop after the first week of September as the harvest season started and hit P11 a kilo some 10 days ago.