FDIs surge following Marcos’ foreign trips
The figure (P734-billion investments approved within January-September) marks a surging increase compared to the same period in the previous year when approvals amounted to P362 billion
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Daily TribuneThe figure (P734-billion investments approved within January-September) marks a surging increase compared to the same period in the previous year when approvals amounted to P362 billion
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Department of Trade and Industry (DTI) Undersecretary Ceferino Rodolfo (File photo)
The Philippine government has approved P734 billion in investments from January to September 2023 following President Ferdinand Marcos Jr.'s foreign trips due to more foreign pledges from the renewable sector, a Department of Trade — Board of Investments official said on Tuesday.
In a Palace press briefing, DTI-BoI Undersecretary Ceferino Rodolfo said the figure marked a surging increase compared to the same period in the previous year when the approvals amounted to P362 billion.
"If we look at where presidential visits have a direct impact, it is actually in the foreign investments section of the approvals of the Board of Investments," Rodolfo said.
He added that nearly 80 percent of total foreign direct investment registrations in the Philippines going through the agency.
Rodolfo said most of the investments came from Germany, Japan and South Korea.
Renewable energy projects
"He didn't go to Germany, but he went to Brussels, where he had roundtable discussions and fora. We had separate roundtable discussions on renewable energy projects," Rodolfo said, referring to Marcos' trip in Brussels, Belgium, in December 2022 for the ASEAN-EU Commemorative Summit," he said.
"In the past, we were not a darling of EU countries because of some reasons. But now, when the President said we are open for business, and they see policy reforms in the Philippines, they come in," Rodolfo added.
The DTI-BoI official said that trust in the Marcos administration and the continuation of policy reforms are two major factors that will see investors investing in the Philippines eventually.
Rodolfo said that investors have a strong trust in the new administration, which is evident in the influx of foreign investments into the country since the start of the year.
Reform measures
He also cited the importance of implementing the reform measures that were enacted under the previous administration, such as the Corporate Recovery and Tax Enhancement Act Law and the Retail Trade Liberalization Act.
Rodolfo said that investors appreciate the government's close collaboration with the private sector in addressing challenges during implementation.
"The President emphasized the need to focus on facilitating strategic investments through the green lane," Rodolfo said.
"We mentioned to the President that we now have 11 projects registered under that green lane, with a total of about P300 billion worth of project investments," he added.
Rodolfo also said that the government is listening to the concerns of investors and workers, including issues related to the value-added tax.
"We are looking at laws that have been passed and are currently being implemented, like the CREATE Law, to see what adjustments may be necessary," he said.
