APEC hosting to draw more investors to Iloilo

• Source: http://www.philstar.com/business/2015/07/21/1479081/apec-hosting-draw-more-investors-iloilo
• Tuesday, July 21, 2015 12:00 am

By Kathleen A. Martin (The Philippine Star)

MANILA, Philippines - The Department of Finance said Iloilo City hopes to attract more investments as it hosts one of the Asia-Pacific Economic Cooperation (APEC) meetings this week.

“Iloilo City is taking advantage of its hosting one of the high-profile meetings of the APEC to drum up interest among potential investors in a wide range of sectors, including retail, manufacturing, business process outsourcing, agro-processing, and tourism,” the DOF said.

Iloilo City Mayor Jed Patrick Mabilog said 400 hectares of reclaimed land have already been identified for future investors.

At present, the city is developing an industrial zone on 400 hectares of reclaimed land. The DOF said the city has received P150 billion in investment pledges in 2013 and about 60 percent of the funds are already being spent on construction of businesses.

Mabilog said the APEC meeting on July 23 and 24 will be a good opportunity to further increase interest in the city as financial experts, finance ministers and officials, and representatives from international development institutions flock to the area.

“Hosting APEC is a way to boost awareness of the investment opportunities and strengths of Iloilo city as an investment destination,” Mabilog said.

Mabilog said the city has a 99-percent literacy rate within its workforce. It also has a secure power supply.

Mabilog said the city has been ranked as number one in terms of local government efficiency by the National Competitiveness Council, reflecting business-friendly processes.

“The economic outlook for Iloilo is very dynamic, and we have a lot of potential to grow. We look at Iloilo city as a globally competitive, premier city,” Mabilog said.