President Aquino back from UK, US trips with US$ 2.5-B investment pledges

June 10, 2012 1:48 pm 

MANILA, June 10 — President Benigno S. Aquino III announced on Sunday that he had secured US$ 2.5-billion worth of investment pledges from businessmen he had met during his weeklong trip to the United Kingdom and the United States last week.

The President made the announcement upon arriving at the Ninoy Aquino International Airport in Pasay City Sunday morning.

He said half of the total investment pledges came from Rolls-Royce, Asea Gaz Asia Ltd. and commodities trading giant Glencore, owner of the Philippine Associated Smelting and Refining Corp. (PASAR), all of which are based in the UK.

Glencore plans to expand its smelting capacity by investing US$ 600 million; Gaz Asia will work with Aboitiz Equity and invest US$ 150-million to develop plants that will convert organic waste materials into liquid bio methane; and Rolls- Royce has signed a P280-million service contract with Cebu Pacific for the purchase and service of new airplane engines.

The other half of the investment pledges will come from US-based businesses namely: GN Power Limited, which plans to put up two 300-megawatt coal plants in Bataan worth -billion; Underwriters Laboratories Inc. which will invest in a global technology research center in Manila; and the Citigroup and USAid which have proposed a mobile financial inclusion program that will bring the benefits of mobile banking to the rural areas.

“Sa kabuoan po, ang halaga ng kalakal na papasok mula sa mga kumpanyang nakapulong natin, sa Britanya at sa Amerika: Hindi bababa sa dalawa't kalahating bilyong dolyar, o humigit-kumulang 100 billion pesos,” the President said.

He added that aside strengthening Philippine economy by providing jobs and livelihood, these investments further strengthen the ties and relations the Philippines has with UK and US.

“Trabaho po ang katumbas ng mga numerong ito; trabahong magdadala ng pagkain sa mesa ng Pilipino. At kasabay po ng magandang balitang ekonomiko, nagbunga rin ng mas malalim pang pakikipagkaibigan ang ating pagbiyahe sa UK at sa Estados Unidos,” the President said. (PNA) RMA/PCOO/rsm

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