Wanted: better focus in luring investments

INVESTMENT promotion agencies (IPA) are working on a unified country branding to promote the Philippines as an investment destination.

In a statement on Monday, the Board of Investments (BoI) — an agency attached to the Department of Trade and Industry — said it is spearheading a collaboration among the country’s 19 IPAs to create a unified country brand that they will use in promoting the Philippines to foreign investors.

Trade and Industry Secretary Ramon M. Lopez said that this effort will help these agencies work in unity, instead of independently and in silos.

“We basically want a clear and focused messaging of the Philippines’ value proposition to investors — the country as an investment destination especially during this administration, given the meaningful reforms and solid macro fundamentals with respect to specific sectors,” Mr. Lopez told reporters in a mobile phone message.

“This is for effectiveness and efficient use of government’s limited resources.”

For American Chamber of Commerce of the Philippines, Inc. Senior Advisor John D. Forbes, “It is always important to have a single, unified country message for marketing the Philippines and there are many positive things to be said to attract FDI.”

“But at the same time, FDI is lower this year than the last two, so the group should also study the reasons for this,” Mr. Forbes said in a text message, referring to a 39.1% year-on-year drop in foreign direct investment (FDI) net inflows in the seven months to July.

British Chamber of Commerce of the Philippines Executive Director and Trustee Chris Nelson said in a telephone interview that creating a consistent message would help the chamber in its efforts to attract British investment in the Philippines.

“We are making inroads in making people aware of the Philippines. If the [message] is consistently reinforced, it would keep the Philippines highlighted among British companies,” he said.

Mr. Nelson said the unified branding should highlight a main message that the Philippines is making progress and is “even more open for business,” and emphasize the improvement in ease of doing business in the country.

He added that the IPAs’ communication strategy should also emphasize the growing young, English-speaking workforce in the Philippines.

But Mr. Nelson said that communications should be just one part of the overall promotions strategy. “Communications is… part of the overall plan to show that the Philippines has a lot of potential. We need to communicate the opportunities and the steps the government is taking, but we also need to work together in improving those opportunities,” he explained.

He emphasized the chamber’s call to further improve ease of doing business, and again pushed for amendments to the Retail Trade Liberalization Act that will reduce the required minimum paid-up capital for foreign entrants to the country’s retail sector.

The unified country branding project is part of the Overseas Investment Communication Campaign Strategy being developed with the assistance of the UK Government Communication Service International through its Investment Promotion Programme. — Jenina P. Ibañez