Aquino Secures 43,650 Jobs

By GENALYN KABILING
September 28, 2010, 6:00pm

MANILA, Philippines — President Aquino is back in Manila with a bagful of investments for the country that would generate at least 43,650 jobs for Filipinos in the next three years.

The President, who arrived early Tuesday morning at the Ninoy Aquino International Airport (NAIA), said he has secured $2.4 billion in investments (not $2.8 million as earlier reported) and a $434-million grant from the US-based Millennium Challenge Corporation (MCC) for anti-poverty and anti-corruption programs.

President Aquino said he was slightly exhausted from his weeklong tour in the US but ignored this fatigue because of the good news he brings to the Filipino nation.

“It’s good to be home,” he said in his arrival statement. “In the last week during our visit to the US we were able to send our message across: The Philippines is open for business,” he added.

The President, who attended more than 40 meetings with political and business leaders during his US tour, said several American businessmen who have not only expressed interest but are ready to invest in the country. The meetings, he claimed, involved a wide range of sectors such as power generation, consumer products, business and knowledge process outsourcing, health care and garments and leather goods.

“We were able to secure a commitment of at least 43,650 new jobs in the next three years, including some 4,500 in construction-related jobs and because of the multiplier effect we estimate 200,000 more jobs to benefit our country," he said.

He said the US-based power company AES Corporation will expand the capacity of the Masinloc power plant by up to 600 megawatts with a project cost of $1 billion. “This will lead to 1,500 jobs during the three to four-year construction period,” he said.

He said beverage giant Coca-Cola Corporation also plans to invest another $1 billion for the upgrading and replacement of equipment and creation of new products and processes in the country.