Privately optimistic: privatisation has created new prospects for substantial foreign investment in Philippine industry

There is revived ambition and enthusiasm for the privatisation process in the Philippines and sales of government shares in large corporations raised around $1.9 bilion in the first three quarters of 1994. The sell off of Petrol, a major Philippines oil company, was significant, bringing in around $550 million. Privatisation is helping to encourage major foreign investments in Philippine industry.