THE investment reward of President Aquino’s recent official trip to Europe can go up to as high as $3 billion, according to Trade Secretary Gregory L. Domingo.
This, he said, is because other substantial investments were not counted in the initially reported $2.3-billion committed investments that the President brought home from his four-nation European tour.
“They’re premature, but they’re being looked at very seriously [by the potential investors],”Domingo said. When asked on the value of the tentative investments on top of the initial $2.3 billion, Domingo said the additional figure may exceed $700 million.
Domingo was among the Cabinet officials who accompanied President Aquino in the eight-day trip to Europe to secure more investments and harp the country’s solid economic performance.
According to earlier reports, the President secured $2.3 billion in investments from his visit to Belgium, Spain, France and Germany, after talking with at least 19 companies.
The investments will go to various sectors, such as information technology-business-process management, infrastructure, manufacturing, energy and transportation.
But, Domingo said, the $2.3 billion did not yet include the investments that may come in if they succeed in convincing German automaker Volkswagen to set up a global manufacturing hub in the country.
According to data from the International Monetary Fund, the European Union remains the largest investment partner of the Philippines, accounting for about 30 percent of total foreign direct investments in 2013.Eurostat database figures also show that the Philippines has found investment opportunities in the EU, having cumulatively invested some €1.4 billion in Europe as of 2012.