Italian investors expressed interest in exploring opportunities under the Luzon Economic Corridor (LEC) and sought guidance from the Philippine government on potential projects and areas of cooperation.
In a statement on Friday, the Department of Finance (DOF) said Philippine government officials led by Finance Secretary Frederick Go, and Italian trade representatives, led by Italian Ambassador to the Philippines Davide Giglio, met on Oct. 6 to explore investment opportunities in the LEC.
Italy is one of the 13 LEC-partner countries.
The Philippine LEC Core Team then presented potential projects and areas where Italian partners could contribute through financing, technical assistance, technology and expertise and direct investment and partnerships.
“We believe the Luzon Economic Corridor is a unique opportunity for greater involvement of Italian businesses in this country. The companies present today are a vote of confidence showing commitment and interest in our long-term partnership,”Giglio said.
The DOF, for its part, said Italian investments could create more employment opportunities, bring new technologies and strengthen the infrastructure that connects businesses and communities.
“We welcome all investments in the country, especially those that create good, quality job opportunities for our people,” Go said.
“Our role is clear: to attract investments to the Philippines. Our job is to promote ease of doing business, reduce costs, and make doing business in the country more predictable,” Go added.
Joining the meeting were representatives from 10 Italian companies, including Fincantieri, CESI SpA, SIAD Macchine Impianti and MERMEC Group, spanning key sectors such as transportation, energy, water, shipbuilding, advanced underwater technologies, irrigation, engineering and construction-related services.
Also present during the meeting were Cassa Depositi e Prestiti, SIMEST, SACE, Italian Trade Agency, Department of Trade and Industry Undersecretary Ceferino Rodolfo and representatives from the Board of Investments, who highlighted the Philippines’ competitive advantages and investment opportunities for Italian businesses. (PNA)
