President Gloria Macapagal-Arroyo continues to reap success in her mission abroad as four top foreign firms commit to expand in the Philippines.
This positive development is a manifestation of the investors’ confidence on the business-friendly climate in the country under the Arroyo Administration.
Over the weekend, Malacanang reported that two global mining firms, a telecommunications company and alternative energy developer have signified their commitment to expand their operations in the country.
It was learned that the executives of Metals Exploration PLC, the Rio Tinto Group, T-Mobile and the Bronzeoak Group met separately with President Arroyo in London after her speech at the Emerging Markets Summit entertained by The Economist magazine.
A Malacanang official disclosed that mining giant Metals Exploration PLC led by its managing director Jonathan Beardworth, requested the President for the signing of a financial and technical assistance agreement that would pave the way for the operation of its Runruno, Nueva Viscaya gold and molybdenum exploration project.
Press Secretary Cerge Remonde, in an interview with a government radio station, communicated that the company has already posted a P175 Million bond for the project and would pour in an additional investment of about $200 Million to enhance their business in the Philippines.
Secretary Remonde said that the company expects to bring out 183,000 ounces of gold and 1.7 million pounds of molybdenum annually.
On the other hand, Rio Tinto expressed interest in returning to the Philippines after a decade of absence. The company’s head of exploration Eric Finlayson intimated to the President that firm is interested in starting a gold, copper and nickel mining operation in the Philippines.
Secretary Remonde recalled that in 1996, Rio Tinto was about to start its operations in Zamboanga del Sur, but was forced to withdraw a few years later because of strong opposition by the communities.
The Press Secretary said that the investor-friendly atmosphere under the Arroyo administration, particularly in the mining industry, instigated Rio Tinto to consider its return to the Philippines.
The T-Mobile UK, through its managing director and CEO Richard Moat told the President that it resolves to expand its business process outsourcing operations in the Philippines.
They are happier in the Philippines than in India,” Remonde said saying that T-Mobile is looking forward to tap the government’s Technical Education and Skills Development Authority (TESDA) for the training of its employees in the country. The company is hoping to explore non-voice operations, including accounting-related services.
President Arroyo also met with officials of bioethanol and renewable energy producer Bronzeoak Group, which also committed to expand its operations in the Philippines, Secretary Remonde said.
Bronzeoak managing director Graham Stowell and director for international development Barry Holmes told the President that the company is pouring in an additional investment of P6 billion for its ethanol plant in Capas, Tarlac. The official said that the expansion will boost the company’s leadership in bioethanol and renewable energy production.
Bronzeoak Philippines at present operates a fuel ethanol distillery and co-generation facility in San Carlos City, Negros Occidental.
Apart from the Capas project, the company is also developing another ethanol production and cogeneration facility in Kibawe, South Bukidnon.
This article is provided by www.Cebu-Philippines.net. An up-to-date guide to Cebu City Philippines and the Philippines. Providing current and relevant information about visa, airlines, hotels, resorts, scuba diving, travel, health and wellness.
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