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Duterte economic managers to woo New York businessmen


President Rodrigo Duterte's economic managers are scheduled to fly to New York this week, in a bid to attract more foreign investments amid concerns that there has been a slowdown in wooing more businessmen overseas.

The Department of Finance (DOF) said in a statement on Sunday the economic managers will head to New York City on October 11 to provide the American business community a "better-rounded" picture on key developments in the country.

"The briefing will be held ahead of the Annual Meetings of the World Bank and the International Monetary Fund, which will bring together the world's central bankers, ministers of finance and other key government officials in Washington D.C. to discuss the world economic outlook, aid effectiveness, and other relevant concerns," it said.

Among those expected to join the Philippine delegation are Executive Secretary Salvador Medialdea, Foreign Affairs Secretary Alan Peter Cayetano, Socioeconomic Planning Secretary Ernesto Pernia, and Budget Secretary Benjamin Diokno.

They will be joined by Bangko Sentral ng Pilipinas (BSP) Deputy Governor Diwa Guinigundo, who will join Dominguez during the fourth overseas Philippine Economic Briefing.

Ayala Corp. chairman and CEO Jaime Augusto Zobel de Ayala will also take part and represent the private sector.

"The New York briefing will be jointly hosted by Deutsche Bank, Citi Group, Standard Chartered Bank, and Morgan Stanley.

On Saturday, Liberal Party stalwart and Senate Minority Leader Franklin Drilon expressed "serious concerns" over the capability of the government to attract new foreign investments.

"We note from the reports that there is a deceleration in new investment. This is very alarming. Why such a huge drop? Is this an indication of anything?" he said.

This comes after the Philippines saw a 90.3-percent decrease in foreign equity placements in the first semester of the year to $141 million from last year's $1.448 billion. —ALG, GMA News

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