MANILA — Malaysia’s largest legal services company, Zico Law, has opened its first office in the Philippines at the BGC Corporate Center, Bonifacio Global City (BGC) in Taguig City.
Its newest office in the Philippines made Zico Law the only law firm in Southeast Asia present in the 10 member countries of the Association of Southeast Asian Nations (ASEAN).
In his visit to the Philippines last week, Malaysian Trade Minister of International Trade and Industry Mustapa Mohamed said the opening of Zico Law here reflects the growing investments of Malaysian businesses in the country.
Mustapa added that there is “a lot of promise here for [Malaysian] businessman”, noting the economic growth of the Philippines.
He also said Filipino investments in Malaysia are also growing with oil company Petron Corp. aggressively expanding in Malaysia.
The Malaysian trade chief said that aside from investments, the Philippines and Malaysia strengthen their partnerships in development of halal industry here, infrastructure, and enhancing the role of micro, small, and medium enterprises.
He also led two Malaysian business delegations attending the Malaysia Promotion Program and the Philippine World Building and Construction Exposition (Worldbex).
Data from the ASEAN Statistics showed that Malaysia is the country’s third largest source of foreign direct investments (FDIs) from ASEAN amounting to USD44.3 million in 2016 — behind Thailand with FDI to the Philippines at USD53.9 million and Singapore with USD429.8 million.
On the other hand, FDI inflows from the Philippines to Malaysia in the same year only pegged at around USD450,000. (Kris Crismundo/PNA)
