Pinoys in Malaysia urged to invest in agriculture, franchising in PHL

Philippine officials in Malaysia are encouraging overseas Filipino workers (OFWs) there to explore agricultural and franchising investment opportunities in the Philippines. Philippine commercial attaché Eric Elnar made the pitch at a recent reception for Filipino professionals at the embassy late last year. “Elnar made a presentation on the numerous investment opportunities the overseas Filipinos may explore, such as franchising and investing in the Philippine agricultural sector. Meanwhile, Labor Attaché Alicia Santos briefed the community members on the services extended to OFWs and other overseas Filipinos,” the Philippine embassy in Kuala Lumpur said. Also in attendance at the reception were Malaysia-based Filipino businessmen and women, university professors and community leaders. The community members in attendance included officials from Petron Corp., San Miguel Corp. (Packing Division), Smart Corp., and professors from the University of Malaya and Taylor’s University. During the reception, Ambassador-designate J. Eduardo Malaya stressed Filipinos and Philippine businesses play a large role and contribute much to the Malaysian economy. “Relations between the Philippines and Malaysia are deep and long standing and continues to be nurtured by both sides,” he said. He pointed out that 486,790 Filipinos visited Malaysia in 2010, while 80,000 Malaysians visited the Philippines in the same period. Philippine investments in Malaysia Meanwhile, Malaya said Philippine investments in Malaysia have significantly increased recently. In August last year, San Miguel Corporation acquired a 65-percent stake in Exxon Mobil in Esso Malaysia Berhad, including 558 gas stations and a huge oil refinery for $610 million (P26.4 billion). Malaysian investments in the Philippines for the last six years reached $16.71 million (P725.8 million), notably Resorts World Hotel, Shangri-La Hotels and Maybank. Philippines-Malaysia two-way trade reached $3.83 billion in 2010, with the Philippines importing $2.438 billion from Malaysia, while exporting $1.396 billion (P60.6 billion) to Malaysia in 2010. Malaya also encouraged Filipino professionals and businessmen and women to network and organize themselves. “In my 25-year experience as a diplomat, I have realized that the most fulfilling aspect of our work is in facilitating our community members to get to know each other - the engineers, nurses, teachers, musicians, professional managers, entrepreneurs, and a lot others - to network among each other, and in the process, provide added sparks for community members to empower themselves, for personal and collective actions,” he said. - VVP, GMA News