Philippine President Meets Brunei Investment Agency for Tourism Development

Philippine President Benigno S. Aquino III met with Brunei Investment Agency (BIA), a state-owned investment organization, to discuss tourism development and hotel investments in the Philippines. The meeting was part of President Aquino's efforts to promote the country's tourism industry and attract foreign investments. BIA, which has approximately US$30 billion in assets under management, has expressed interest in pursuing joint ventures in Brunei-Indonesia-Malaysia-Philippines-East Asia Growth Area (BIMP-EAGA).

Key Takeaways:

• The main focus of the meeting was tourism development and hotels, with BIA expressing interest in joint ventures in BIMP-EAGA.
• BIA has nine hotels in Europe and is also developing hotels in Mindanao, a region in the Philippines.
• The Philippine President's delegation expressed optimism that the discussion would move to the next level, involving project conceptualization and implementation.
• The BIA is a government-owned investment organization that manages Brunei's sovereign wealth fund, which was established from surplus revenues from the development of Brunei's oil reserves.
• Brunei's Minister of Education, Pehin Abubakar, heads the BIA.
• President Aquino's business meetings have been deemed fruitful and substantial by his administration.

Statistics:

• BIA has approximately US$30 billion in assets under management as of 2009.
• BIA has nine hotels in Europe.
• BIA is developing hotels in Mindanao, a region in the Philippines.
• The surplus revenues from the development of Brunei's oil reserves have been deposited with the Brunei Investment Agency.

Sources:

• Asia Pulse - Philippine President Benigno S. Aquino III met a state-owned investment organization on Thursday for tourism development and hotel investments in the Philippines.

(PNA) ms 03-06 1709