The Department of Foreign Affairs (DFA) has reported that business leaders in Australia have identified the Philippines as significant investment area in Southeast Asia, GMANEWS.TV learned Friday.

Speaking before captains of the Asian business sector, leading banking executive Trevor Rowe said “the Philippines is one of the important investment areas in Southeast Asia, particularly in the fields of mining, geothermal energy, gas among others."

Rowe expressed his appraisal of Philippine financial opportunities at a Chief Executive Officer (CEO) Update Luncheon forum organized by the Asia Society Australasia Centre on February 14 in Sydney. He spoke on the topic “Investment in Asia."

The bank executive is currently the chairman of Investment Banking of NM Rothschild & Sons (Australia) Limited, and previously served as chairman of Investment Banking at Citigroup Global Markets. DFA officials said Rowe spent five years in the Philippines.

Consul General Maria Theresa Lazaro, who was present during the open forum, spoke with CEOs, political and business leaders as well as members of the diplomatic corps.

“She (Ortega) reiterated the attraction of the Philippines as an investment site and provided a glimpse of the Philippine Government's efforts to achieve and maintain its economic fundamentals," the DFA reported.

London-based Fitch Ratings recently upgraded its credit outlook for the Philippines from negative to stable. Standard & Poor’s and the California Public Employees' Retirement System (CalPERS) also had good impressions on investment opportunities in the country.

Moody’s Investor Service, however, retained its negative rating.-GMANEWS.TV