The Philippine government had 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, adding that nearly 80 percent of total foreign direct investment registrations in the Philippines going through the agency.

The DTI-BOI official said that trust in the Marcos administration and the continuation of policy reforms are two major factors convincing investors to invest 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.

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 added that the government is listening to the concerns of investors and workers, including issues related to 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.