In light of newly-elected President Duterte’s vow to accelerate infrastructure projects in his administration, Philippine and Spanish businesses are seeking to reinforce economic relations by eyeing multiple opportunities in the area of infrastructure.
Following a networking lunch between the Makati Business Club (MBC) and some Spanish firms in celebration of the 14th annual anniversary of Philippine-Spanish Friendship Day, the MBC said in a statement that there is an increasing interest in public-private partnership (PPP) projects between the two groups.
Duterte is set to vigorously pursue the PPP infrastructure projects as these are expenses that the government cannot finance.
MBC Executive Director Peter V. Perfecto said that Spain currently ranks as the 10th largest source of foreign direct investments for the country. He continued that there is an increasing interest of Spanish firms in PPP projects while Philippine companies are also looking to expand business operations in Spain.
Earlier this year, Grupo Emperador Inc. SA of business tycoon Andrew L. Tan completed the acquisition of Spain-based US company Beam Suntory Inc. for P13.8 billion. The deal included the Philippines’s largest-selling imported brandy—the Spanish brand Fundador Pedro Domecq. It also entailed the takeover of the Bodegas Fundador, one of Spain’s largest and oldest brandy cellars.
The companies that participated in the business networking luncheon included Ayala Corp., Aboitiz, BDO Unibank, and other prominent companies.
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