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WITH
fresh investments declining, the government is planning
to give its promotional efforts another boost by
according chief executives officers of foreign firms VIP
treatment in the country’s airports and smoothen their
travel around the Philippines.
Trade
Secretary Peter Favila said among the new schemes is to
issue VIP cards to the CEOs and senior vice presidents
of existing firms in the country, similar to the Apec
Card.
Businessmen holding Apec Cards have a special lane in
passing through the immigration of the different
airports of countries belonging to the Asia-Pacific
Economic Cooperation bloc.
But
Favila wants more than just a special lane. He said
there should be a special team to meet the CEOs in the
airports and serve as their ushers. “This is both for
their entry and exit. We will start with those who
already have existing business in the country.”
The list
of companies eligible for this privilege will be
provided by the investment promotions agencies led by
the Philippine Economic Zone Authority (Peza) and the
Board of Investments (BOI).
The
registration of new investments indicated a decline
year-to-date from 2006. For the first three quarters of
the year, the combined BOI-Peza investment approvals
dropped by 6 percent to about P188 billion despite the
windfall of fresh capital in the special economic zones
throughout the country.
The
decrease in the total of investment approvals from
P200.3 billion in the same period last year was mainly
due to the 44-percent dip in registration with the BOI,
the supposed top investment promotion agency of the
Philippines.
For
January to September 2007, the BOI only approved P79
billion worth of new projects as opposed to the P142.3
billion registered in the first three quarters of 2006.
The BOI
actually had a lean approval month in September when it
only approved about P10 billion worth of new projects.
Fortunately for the
Philippines,
Peza recorded creditable numbers again increasing its
total project approvals to P109 billion. This is 88
percent better than the P58-billion worth of fresh
investments that Peza approved last year. |
