Dec 28 2011 |
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QIA to invest $1bn in Philippines
By BenCyrus G Ellorin SUBIC BAY FREEPORT: A senior Philippine government official said on Monday that Qatar may formalise a $1bn initial investment in Philippines during the planned visit ofthe Emir H H Sheikh Hamad bin Khalifa Al Thani early next year.
Trade Undersecretary Cristino Panlilio told mediapersons that the investment will be undertaken by the Qatar Investment Authority ( QIA ).
The official said that the Qatari investment will be spread over a number of projects, including the current administration's flagship initiative to be implemented through the governtment's Public-Private Partnership projects, mostly in infrastructure.
Under the agreement, the Philippine government, in coordination with the private sector will raise 15 percent of the project capital.
Under the mutual investment protection clause of the agreement, Qatari firms would be treated at par with Filipino companies and would not be subjected to any form of double taxation.
The initiative signals a new era for Qatar-Philippine relations.
© The Peninsula 2011
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