Maybank, other firms may invest in Philippines
Banking giant Maybank and other companies in Malaysia are looking into investment opportunities in the southern Philippines, as Manila puts the finishing touches on a deal to end one of Asia's longest and deadliest insurgencies.
Maybank, Malaysia’s biggest bank, has announced that it is investing US$300 million (Bt9.7 billion) to open new branches across the Philippines, including in Mindanao, the country’s biggest and southernmost island that has been wracked by a decades-old war waged by Muslim secessionists.
Jane Francisco, a member of Philippine President Benigno Aquino’s business delegation to Kuala Lumpur last week, said Azmil Khalid, head of the Malaysia-Philippines Business Council, is “very bullish” and believes Mindanao “is the way to go”.
Malaysia’s International Trade and Industry Minister Mustapa Mohamed told reporters in Kuala Lumpur: “The [Philippines] has massive potential amid political and economic stability.”
Bilateral trade between the Philippines and Malaysia stood at $4.5 billion last year, compared to $16.5 billion total trade with the Philippines’ biggest trading partner, Japan.
