Delegates to China cite need to pursue opportunities

Friday, September 9, 2011

CEBUANO business leaders who joined the official delegation during President Benigno Aquino III’s recent trip to China said it sent a clear message that the country is indeed open for business.

“The trip signifies that the country is open to foreign investments and sends a clear message of a level playing field. The Aquino administration is seriously acting as an enabler of business and economic development,” said Mandaue Chamber of Commerce and Industry president Eric Mendoza.

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Mendoza said the participation of the Cebuano business leaders also signified that Cebu, in particular, is open for business, but the challenge now is to maximize the opportunities.

Philippine Retailers Association of the Philippines (PRA) Cebu Chapter president Melanie Ng said the opportunities available to Cebu are in mining, power generation, agriculture and manufacturing.

Cebu Chamber of Commerce and Industry president Samuel Chioson also said the trip earned good results. He cited the upcoming expansion of the Mactan Economic Zone (MEZ), which could generate up to 5,000 jobs in the garment industry.

Mendoza, Ng and Chioson were among the 12 Cebu business leaders who joined the delegation, in the hope of increasing trade with China.

The five-day trip reportedly yielded $11 billion in Chinese investments and a chunk of the China-ASEAN (Association of Southeast Asian Nations) Investment Fund for the Philippines.

The Philippines’ share is reported to be more than 10 percent of the $1-billion China-Asean fund, a private equity fund that provides capital for small- and medium-sized enterprises within ASEAN and China.

However, more than the possible investments, Mendoza said the trip also encouraged them to guide the foreign investors on the administration’s “matuwid na daan” platform.

“This is just the first step of our journey. We need to follow up through succeeding visits and communication. Although there were no concrete investments yet for Cebu, the province remains an attractive investment destination because of close cooperation with the local government unit,” Mendoza said.

Among other Cebuano business leaders who joined President Aquino’s visit to China were Aboitiz Equity Ventures chief operating officer Erramon Aboitiz; Profoods International Corp. president Justin Uy; Frank Gaisano of Vicsal Investment; Joseph Gaisano of White Gold; Anthony Loi of the Federation of Filipino-Chinese Chambers; CCCI past president Edward Gaisano; Deco Sales president Felix Taguiam; Interior Basics Export Corp. president Jay Yuvallos; and Able Services president Edwin Ortiz.