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Philippines Invites JPMorgan, Goldman Sachs to Invest in Ports, Railways
The Philippines is inviting foreign investors including JPMorgan Chase & Co. and Goldman Sachs Group Inc. to help the nation build roads, ports and railways, Finance Secretary Cesar Purisima said.
“We’re talking to a lot of big names overseas, those with large amounts of capital and it’s a long list,” Purisima told reporters today in Manila. None of the companies have made any commitments yet, he said.
President Benigno Aquino’s government is planning to build 200 billion pesos ($4.5 billion) worth of infrastructure to achieve the fastest economic growth in three decades by 2011 while narrowing the budget deficit from a record 325 billion pesos. Ten of the public works projects are set to be outlined next month.
While the infrastructure program “will probably take Aquino’s entire term to complete,” the rhetoric around it benefits Philippine assets, said Radhika Rao, an economist at Forecast Pte in Singapore.
Aquino, who took office in June, will make his first foreign visit as president to the U.S. this month to court investors. The trip comes after $1 billion of peso bonds sold overseas for the first time drew bids for more than 13 times the amount on offer.
“When you look around the country, our infrastructure is really wanting, from airports to the roads to power,” Purisima said. Companies in the U.S. have a trillion dollars of investable assets, he said last month.
‘Engine of Investment’
Growth in the $160 billion economy has been driven by consumption and it is now important to “start the engine of investment,” Purisima said today.
The 30 percent gain in the Philippine Stock Exchange Index so far this year may help, Aquino said in a speech at the exchange today.
“The impressive performance of the capital market usually heralds the coming of more foreign direct investments,” Aquino said. “That is what I hope to achieve in my forthcoming trip to the United States.”
The stock index fell from a record, losing 0.1 percent to 3,968.29 at the close in Manila. Yields on Philippine benchmark four-year bonds fell last week to the lowest level since the debt started trading in 2009.
The peso has gained about 4.5 percent this year and was trading at 44.23 per dollar at 3:02 p.m. local time. It will advance 10 percent to 40 per dollar in the next 12 months, Barclays Plc said yesterday.
The Philippines plans to start offering public works projects to investors by the third week of October, Purisima said.
The nation has run budget deficits in 21 of the past 25 years, limiting government infrastructure spending to below the level of 5 percent of gross domestic product recommended by the World Bank.
Investors will focus more closely on the deficit next year to see how much progress the government is making on curbing it, Rao said. “They have to walk the talk,” she said.
By Bloomberg
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