Thai firms have expressed interest in investing in the Philippines particularly in the areas of infrastructure, transportation, tourism and food security.
“We are ready to support…investing in food security and infrastructure such as transportation and promoting tourism with the Philippines to enhance the business sector for mutual expansion between the two countries in the future,” Kriengkrai Thiennukul, chairman of the Federation of Thai Industries said Saturday.
In a statement on Sunday, the Office of the Press Secretary (OPS) said Thiennukul made this commitment in a roundtable conference with Thai business leaders and Philippine economic managers and officials in Bangkok, Thailand.
Through stronger partnerships between the Philippines and Thailand, the Thai business leader said the two countries can work together to bolster economic growth especially amid similar problems faced by both Asian economies, including the impact of climate change on the supply chain, the pandemic, and global political instability.
Thiennukul also noted that digitalization plays a crucial role in bolstering the economy.
“In this current situation, it is necessary to revitalize the economic sectors, especially the focus on sustainable development. We have the same goal to focus on the joint development of public health, especially in the Asian Framework. The development of the digital economy, the use of the digitalization and implementation of BCG Model in revitalizing the economy,” the Thai business leader said.
Philippine Chamber of Commerce and Industry (PCCI) President George T. Barcelon said Thai firms are also keen on investing in energy and telecommunications, which President Ferdinand Marcos Jr. mentioned during his meetings with Thai businesses.
“Like other parties concerned, the Thailand group that has investment in our country in Mariwasa in UPPC which is the pulp-making factory. He has also expressed that the way things are moving, the growth is gonna be there and they will also look into that,” Barcelon said.
“One of the (energy) companies has already been in the Philippines for decades in the power sector. He’s very well aware that there’s a need for power of which in passing President BBM also mentioned,” he added.
As for infrastructure, the head of PCCI said the president also made a pitch for the public-private partnership (PPP) program during the meetings, which “could give various sectors the impetus to invest more in the country’s PPP program.”
He said the Philippines has set its sights on Thailand’s halal market. “The Philippines has been eyeing this market for quite sometime but we have not made real big inroads.And again this has opened up the possibility of more Thai companies helping us out or even investing in the Philippines for halal food.”
According to the Palace, the meeting with Thai businesses is part of Marcos’s bid to woo investments and strengthen economic cooperation between the Philippines and its Asean neighbors.
Last Wednesday, the President divulged that he will be deploying agriculture officials to initiate exploratory talks with Thai conglomerate CP group.
At a dinner meeting between Marcos and CP Group’s officials on Wednesday in Thailand, executives of the largest private company in Thailand expressed interest in increasing their investment in the country’s agriculture sector.
CP Group currently has $2 billion worth of investments in the country.
“The Department of Agriculture of the Philippines will go to your Philippine offices and we will begin by that, and maybe we will set a time when a team of Filipinos can come to Thailand. Then we can see what are the opportunities that you feel are going to be appropriate for the Philippines,” said Marcos addressing the CP Group officials.
The president, who is the concurrent agriculture secretary, welcomed the possible additional CP Group Investments in the country, particularly on aquaculture since it will help the country achieve food security.
“[Aquaculture] is an area where the Philippines can do well…So that’s something that we are not doing a lot, and I really feel that we are missing an opportunity because we are a country with over 7,000 islands. I am sure that there are many places that are suitable for this kind of operation,” Marcos said.