CHECKING IN WITH RICHMOND JIMENEZ
Tourism Attaché and Director, U.S. Southwestern States and Latin America, Philippine Department of Tourism
What opportunities does Manila offer American investors?
The Philippines recognizes the United States as one of its major investment partners, ranking as the fifth-largest contributor of Foreign Direct Investment into the Philippines after the Netherlands, Singapore, Japan and South Korea.
As the Philippines shows continued recovery from the pandemic, it reveals an improved overall investment climate which attracts more interest in investing in the country. For instance, the signing of the Public Service Act, formerly exclusive to Filipino industries, now allows 100 percent foreign ownership of public services like airports, expressways, railways, telecommunications and shipping.
Big and small investors alike can find opportunities in many industries; it’s worth venturing into areas such as tourism, culinary/food, real estate, technology, health and wellness in Manila and across the country. The current business environment in the Philippines is truly ripe and ready for foreign investors. Investing in the Philippines and working with Filipinos forms a perfect match for a wise investment. As former tourism secretary Ramon Jimenez once said, “Solid investment is not about where you invest your money but whom you will work with.”
Are there any cultural differences of which American visitors should be aware?
The Philippines is truly a place where the East meets West. Our culture is a unique blend of diverse influences in its history, namely Malay, Chinese, Spanish and American. Thus, the Filipinos have developed the sense of being global citizens that are respectful and highly adaptable to different cultures, earning a reputation of being genuinely hospitable people.
We enjoy entertaining our guests and go out of our way to ensure our visitors are comfortable and feel at home. The population speaks 175 languages and dialects, but the English language has always been one of the
official languages. It is the principal medium of instruction in education, law and trade.
What are key developments in and around the city to look for in the future?
You will notice the development of new airports, lifestyle destinations like malls and public parks, and upgrading of infrastructure like tollways, bridges and bypass roads in and around Manila.
Which local attractions in Manila do you recommend?
Manila is the premier city and capital of the Philippines. It has been the seat of government since the Spanish colonized the islands in the 16th century. A tour of the walled city of Intramuros allows a glimpse of Manila’s historic past. Manila’s dining options are a treat for people who live for good food and innovative cuisine. Visit the world’s oldest Chinatown, found in Manila; the National Museum, Makati; and Bonifacio Global City for limitless dining, music and social entertainment options. A business visitor to Manila finds a wide list of experiences from a daytrip to a weekend getaway.
If visitors have time, where else should they visit in the Philippines?
The Philippines is an archipelago of 7,641 islands which offers endless destinations to choose from that can be taken via land or affordable domestic air transportation. The country serves a cocktail of activities whether you are a solo leisure traveler, family, group or business travelers. You can enjoy the Philippines in more ways than one: adventure, cruise, farm and culinary, culture, dive, education, health and wellness, leisure, MICE, and sun and beach.