American businessmen want to see the Philippines fully implement the Renewable Energy Act as they said this would generate investments in high-technology industries.
They also pressed for the harmonization of investment incentives and regulations.
The businessmen’s sentiments were gathered during the meeting of President Aquino with senior US business executives at the Peninsula Hotel in New York on Monday.
A statement released by the US-Asean Business Council – which co-organized with the US Chamber of Commerce the roundtable with the President – said Aquino updated the US business community on the progress being made in improving the business climate, promoting effective governance, and enhancing competitiveness.
The statement said some possible avenues of collaboration include supporting the growth of the renewable energy sector, developing public private partnerships to support infrastructure development, and potential measures to enhance the competitiveness of the Philippines in high-tech industries.
“We are eager to hear more about the next steps planned for implementation of the renewable energy law, which will help attract more high-tech investment,” said Tami Overby, vice president for Asia of the US Chamber of Commerce.
“President Aquino’s administration continues to be responsive and engaged with US business,” said Alexander Feldman, president of the US-Asean Business Council. Feldman said the Aquino administration’s focus on transparency and good governance has already won investor confidence as demonstrated by increased US investment in the Philippines from companies such as AES, The Coca-Cola Co. and Procter & Gamble.
“We look forward to working with President Aquino and his administration to continue developing public-private partnerships and other initiatives that help to strengthen the Philippine economy and build platforms for sustained growth benefiting American companies and all Filipinos,” Feldman said.
Overby said: “We appreciate the chance to continue our dialogue with President Aquino on building bilateral economic ties. The Aquino administration’s willingness to regularly engage with US business helps build investor confidence in the economic reforms in place in the Philippines.”
Among the executives who met Aquino were Glenn Jordan, president for Pacific Group, The Coca-Cola Co.; Margery Krauss, founder and chief executive officer, APCO Worldwide; Loida Nicolas Lewis, chairman, TLC Beatrice International; Miles Young, chief executive, Ogilvy and Mather; Bruce Tuchman, president, MGM Worldwide Networks; and Jay Collins, global co-head of the Public Sector Group at Citi.
Other companies represented included AES, Baker McKenzie, Cargill, Google, JP Morgan, McClarty Associates, Peregrine Development International, Pfizer, and Qualcomm.
