Countries such as the Phillipines are in desperate need of hard currency. When the world is in the midst of a resources boom it becomes in the government's interest of countries such as this (resource rich, FDI poor) to encourage foreign investment so as to get their hands on some hard currency (US$), reduce poverty and increase the security of their own rule. They will work to encourage the development of projects such as this because its the only way for them to get their hands on some $. Money talks. Bull markets always climb a wall of worry. When times are bad for commodities these guys go back to their isolationist, anti-foreign policies. Cycles.
IRN Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held