Potential areas of investments in the Philippines

President Benigno S. Aquino III invited European business leaders including other business executives from overseas attending the World Economic Forum Annual Meeting here to explore potential areas of investments in the Philippines.

The President cited some of the reforms initiated by the government to achieve inclusive growth.

President Aquino issued the invitation in his remarks before the roundtable with Global Business Executives at the sidelines of his participation to the WEF Annual Meeting here in Davos.

"These are truly exciting times for our country. We are realizing the long-untapped potential of our country, and we are here to invite you to join us, he said.

The President cited the three priority sectors for investing in the country, namely, tourism, agriculture, and infrastructure.

In the agriculture sector, the President said the Philippines is on its way to becoming an rice exporter.

"Since I came into office, our government has been working towards rice self-sufficiency by going back to the basics and helping our farmers through improved irrigation systems and a genuine certified seeds program," the President said.

"Rice production has been increasing, and through these methods, we are on our way towards our next goal: becoming an exporter of rice," he added.

On the country's revitalized coconut industry, President Aquino said that in 2011, the Philippines has exported more than 16.7 million liters of coco water, up from the 483,862 liters of coco water in 2009.

He noted that that the coco coir fiber, transformed into geotextile materials, has among others, been found effective in erosion control.

He added that the DPWH is already using this technology in their projects.

On tourism, President Aquino mentioned the Department of Tourism's "It's More Fun in the Philippines" slogan because Filipinos have always been "proud of the beauty of our country, and of the hospitality of our people," he said.

"To show them off, and to attract even more tourists to our shores, our Department of Tourism has embarked on a campaign to show the world that "It's More Fun in the Philippines," he added.

According to the President, publications like Conde Nast Traveller, the New York Times, and Travel + Leisure Magazine have cited the Philippines as a prime beach holiday destination.

He added that China's Oriental Morning Post named the Philippines as "Best Tourist Destination" in its annual World Travel-Special Trips awards.

The Shanghai Morning Post also identified the Philippines as the "Most Romantic Destination" in the world.

In his remarks, President Aquino likewise tagged the infrastructure as a priority sector, of his administration saying that it is a key to further growth and development in tourism and agriculture, among other sectors.

He also cited the World Economic Forum's Global Competitiveness Report showing that the Philippines is lagging behind our ASEAN neighbors in terms of quality infrastructure.

"This presents an opportunity, because we are committed to closing this gap and increasing our competitiveness. Last year, disbursements for infrastructure reached an equivalent of 4.9 billion US dollars, and we have allotted 5.7 billion US dollars for this in 2013," he said.