Qatar to invest $1 billion in Philippines Tuesday, 27 December 2011 10:16

By BenCyrus G. Ellorin

SUBIC BAY FREEPORT: A ranking government official said Monday that the State of Qatar may formalize its $1-billion initial investment to the Philippines during the planned visit of HH the Emir Sheikh Hamad bin Khalifa al-Thani early next year.

Trade Undersecretary Cristino Panlilio told the media that the $1-billion investment that will be provided by the state-owned Qatar Investment Authority.

The Philippines and Qatar have been negotiating for this investment since 2008, during the state visit of then President Gloria Macapagal-Arroyo.

The trade official said that the Qatari investment will be spread to a number of investment, like the flagship projects of the present administration slated to be implemented through the governtment’s Public-Private Partnership projects, mostly in infrastructure.

Other sectors that would benefit from the Qatari investment would be in power, food and agribusiness and in portfolio investments.

Under the agreement, the Philippine government in coordination with the private sector will raise a counterpart fund of 15 percent. (Peninsula Online)