PHILIPPINE and Spanish businesses are reinforcing economic relations, seeing opportunities for partnerships in the area of infrastructure.
In a statement, the Makati Business Club (MBC) said Spanish firms have expressed increasing interest in public-private partnership (PPP) projects following a networking lunch between the two groups, in celebration of the 14th anniversary of Philippine-Spanish Friendship Day.
“Spain currently ranks as the Philippines’s 10th-largest source of foreign direct investments, and our trade figures with Spain are on the rise,” MBC Executive Director Peter V. Perfecto said in a statement.
“Currently, we are seeing increasing interest of Spanish firms to participate in PPP projects, while Philippine companies are expanding their business operations in Spain, particularly in the property development and winery sectors,” he said.
The rising interest for closer business relations follows one of the most significant investments of the Philippines into the European country.
Early this year, tycoon Andrew L. Tan’s Grupo Emperador Inc. SA completed the acquisition of the Spain-based sherry and brandy business of US company Beam Suntory Inc. for P13.8 billion.
This deal consisted of four international liquor brands, including premium Spanish brand Fundador Pedro Domecq—the Philippines’s largest-selling imported brandy.
The purchase also entailed thetakeover of one of the largest and oldest brandy cellars in Spain, Bodegas Fundador, as well as production facilities, vineyards, and bottling and blending facilities.
Among the companies that participated in the business networking luncheon were Aboitiz Equity Ventures Inc., Acciona, Ayala Corp., Ayesa, BDO Unibank, Eptisa, Fuego Hotels, Fundacion Santiago, Gamesa, Inclam, Maybank ATR Kim Eng, Mondial Tours, OHL, Oleo Fats Inc., RACO Trading Philippines, Solventia and Tamoin.