Qatar to Invest $1 Billion in the Philippines

[pioneer]

By Joyce C Abaño
The Peninsula

Qatar will invest at least $1bn in the Philippines, said Peter Favila, Philippine Secretary of Trade and Industry, who accompanied Philippine President Gloria Macapagal Arroyo during her three-day visit here.

Favila also disclosed that the Emir H H Sheikh Hamad bin Khalifa Al Thani plans to visit the Philippines. According to Favila, the Emir accepted President Arroyo’s invitation during their meeting.

“The Philippines can expect at least $1bn investment from Qatar in the coming years, Qatar Telecom (Qtel) Chairman Sheikh Abdullah bin Mohammed bin Saud Al Thani told Ramon Ang, president of San Miguel Corp (SMC), during the QTEL-SMC agreement signing ceremony,” said Favila, in an interview with The Peninsula at the Doha Sheraton Hotel yesterday.

“Qtel will be investing $250m in 2008. This will lead, presumably, to a $1bn investment not only in telecommunications but also in other industries,” he said.