JEDDAH, 4 March 2007 — A 14-member trade and investment delegation from the Philippine autonomous region of Mindanao highlighted its vast trade, investment and tourism potential for Saudi businessmen and overseas Filipino workers at a meeting at the Jeddah Chamber of Commerce and Industry yesterday.
JCCI Secretary General Mustafa Sabri said the new economic environment unfolding in this part of the world provided many opportunities to international companies. “Your first visit to the Kingdom should provide a new thrust to growing bilateral commercial relations,” he said.
Merly M. Cruz, assistant secretary at the Department of Trade and Industry and leader of the delegation, said the mission, which comprises representatives of food and jewelry companies, offered, among other things, Halal food products and also immense joint venture prospects for investors. Philippine Consul General Pendosina N. Lomondot accompanied the delegation.
“The objective of the mission, which has already visited Riyadh and Dammam with an excellent response from local businessmen, aims to promote Mindanao products and generate awareness of the southern Philippine region as a potential supplier of goods and services,” she said. Promoting Mindanao as an investment destination for Saudi businessmen and providing investment opportunity such as virtual poultry farming as a viable investment concept for overseas Filipino workers (OFWs) is also the delegation’s objective. Mindanao is the second largest island in the southernmost section of the Philippine archipelago, Cruz said in a presentation.
It occupies one-third of the Philippine land area and is larger than some Asian countries including Taiwan and Singapore. It is strategically located within the east ASEAN region. “This key geographic location around Indonesia, Malaysia and Brunei, underscores its potential as a major transshipment point and center of trade in the region,” she added.
The region grows most of the country’s major crops such as rubber, pineapple, cacao, banana, coffee, corn and coconut. The island also produces varieties of fruits. Its metal deposits include lead, zinc, ore, iron, copper, chromite, magnetite and gold. Gold mined in Mindanao accounts for nearly 50 percent of the national gold reserves. Its non-metallic mineral resources include marble, salt, sand, gravel, silica, clay and limestone. Saudis have been investing in banana farms and tourism projects in the region. “Various incentives are offered in the region for both overseas and national investors,” she said. “We’re also campaigning among OFWs to buy at least SR25 worth Philippine products a month. This will helps us boost our annual exports to $100 million by 2008,” Cruz added.
“Agriculture is the driving force behind Mindanao’s economy,” she said, adding that Mindanao’s cultural diversity and natural beauty make the island one of Asia’s favored tourist destinations. White sand beaches, scenic volcanoes, vast orchid gardens and various ethnic festivals are some of its unique tourist attractions.
Paisal D. Abdullah, Philippine trade representative at the consulate, said there is a yawning gap between his country’s annual exports to the Kingdom totaling $49 million and import of $1billion worth of oil from the country. “We hope to narrow the trade gap through such trade missions.”
Abdul Karim Yahya Munshi, a businessman and JCCI member, said he was keen on expanding his imports from Philippines including artificial jewelry, labor supply, ihram, towels, bedsheets and gift items.
The delegation included Edwin O. Banquerigo, deputy manager at National Economic Research and Business Assistance Center, Davao City; Rene Alfredo Banos, Jr. of Philbest Canning Corporation; Felipe R. Eleazar and Antonio Nanagas of Organix Solutions; Belinda Fernandez and Bonifacio P. Fernandes of BF Industries; Roger G. Gualberto of Vegetable Industries Council; Sitti Amina Jain of the Department of Trade and Industry; Vicente T. Lao of Maharlika Agro-Marine Ventures Corp.; Ferdinand Y. Maranon of SGREX Foods Corporation; Sitti N. Onggo of Mindanao Pearl Center; Rodrigo C. Rivera, Jr. of RD Group of Companies and Teolulo T. Pasawa of DTI Davao City.