An American Embassy official was in Negros Occidental yesterday to explore economic prospects in the province, an indication of increased interest of American investors in the growing Philippine economy.

“I'm here because I want to get an idea of what the situation is in this part of the country in order to more effectively see what kind of policies we can implement to improve the economic situation, increase trade, investment, and job growth,” Larry Memmott, counselor for economic affairs of the US Embassy in the Philippines, told the DAILY STAR.

Memmott said he was getting information to provide investors and looking at what can be done to make the economy function more effectively.

He also said he is optimistic about the economic growth of the Philippines and American investors coming to the country are also very optimistic.

“The Philippines has incredibly skilled and incredibly dedicated workers. That's what brings the American companies here in all fields,” he said.

“Last year the Philippines saw 7 percent economic growth, which was very good. And we certainly hope to see something similar this year…and at even greater amounts in future years,” he said.

Economic Planning Secretary Augusto Santos yesterday said the Philippine economy grow by 7.3 percent in 2007, the highest rate in 31 years.

Reforms being undertaken by the Philippine government are very important, Memmott said, citing the privatization of the electric generation capacity of the country.

This has the potential to bring down electric prices in the Philippines and improve the situation for everyone, Memmott said.

“We hope to see those reforms move forward,” Memmott said.

Last year, Texas Instruments announced a billon dollar investment in the Philippines and another American company came in to buy an electric generation plant for almost a billion dollars, he added.

“When you find that the investors are optimistic and have a good feeling about coming to the Philippines , that leads me to have a feeling that things are getting better,” Memmott said.

“I think we are going to see more American companies coming into the Philippines over the coming few years,” he said.

Memmott also said that contrary to dire predictions, the US economy is still growing.

“According to the statistics the economy of the United States continued to grow in the first quarter at a low rate of .6 percent,” he said.

Last year it grew by an average of 2.2 percent, he said, pointing out that in a mature economy like that of the United States one expects it to be growing at a rate of between 2 to 3 percent a year.

Memmott, who yesterday met with Acting Negros Occidental Gov. Isidro Zayco, said he was also meeting with other Negros and Bacolod officials, students at the University of St. La Salle and members of the business community.

He also visited call centers in Bacolod and the new Bacolod-Silay Airport in Silay City.*CPG

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