Daily TribuneDTI has achieved a remarkable 342 percent increase in investments in the agribusiness sector, from P6.6 billion in 2022 to P29.15 billion in 2023
FROM left: Smart Communications Channel Management head Jacqueline Bocalan, Philippine Association of Stores and Carinderia Owners (PASCO) national president Elilyn Gadia, DTI Secretary Fred Pascual, Unilever chairman and CEO Fredy Ong, Hapinoy president Mark Joaquin Ruiz, GCash B2C sales head Mark Mamaril during the signing of a memorandum of understanding to launch the Sari-sari Store Advancement Program aimed at empowering over one million sari-sari store owners across the Philippines.
photograph courtesy of DTI
The Philippines is deemed a new investment haven with total ventures already ballooning to P2.45 trillion, representing 83 strategic investment projects for the year.
The projects pass through the Green Lane initiative as of 26 June 2024, facilitated by the Board of Investment’s One-Stop Action Center for Strategic Investments.
According to Trade and Industry Secretary Alfredo Pascual, these projects include crucial sectors such as renewable energy, digital infrastructure, food security, and manufacturing.
“From July 2022 to May 2024, the DTI approved a total of 1,090 projects with a combined value of P2.73 trillion. These projects are expected to create thousands of job opportunities, demonstrating high investor confidence and a favorable investment climate in the Philippines,” Pascual, who also sits as the chairperson of the Board of Investments, said.
Further, he said that the DTI has achieved a remarkable 342 percent increase in investments in the agribusiness sector, from P6.6 billion in 2022 to P29.15 billion in 2023.
The growth is attributed to the participation of major multinational and local companies, as well as the DTI’s investor outreach campaigns targeting sectors like biotechnology, animal vaccine manufacturing, and high-tech agriculture.
FTAs spur trade
Partnerships and free trade agreements (FTAs) with other countries remain one of the major contributors to foreign direct investments.
In September 2023 the Philippines-Republic of Korea was signed by the two governments, which is expected to deepen economic relations and boost trade between the two countries.
Engaged in negotiations for various FTAs, including the Philippines-EU FTA, ASEAN-Canada FTA, and upgrades to existing ASEAN agreements, to expand market access and diversify trade opportunities.
Foreign trips
Through economic engagements during the President’s foreign trips from July 2023 to May 2024, the DTI secured $8.05 billion in investment leads, further solidifying the Philippines’ position as an attractive investment destination.
The signing of a 123 Agreement with the United States for cooperation on peaceful uses of nuclear energy has already yielded positive results, with Philippine-based companies generating over $32 million in new investments and employing more than 1,200 individuals in this sector.
Creative industry dev’t
Meanwhile, the Trade chief also reported that their department will do its best to further improve creative industries, as the creative industries have emerged as a significant contributor to the Philippine economy, giving 7.3 percent to the gross domestic products in 2023, amounting to P1.72 trillion, and providing employment to 7.26 million individuals.
The passage of the Tatak Pinoy Act (RA 11981) and the signing of its implementing rules and regulations (IRR) on 22 May 2024, demonstrate the government’s commitment to promoting local products and services and enhancing the competitiveness of domestic enterprises in the global market.
The DTI is spearheading the implementation of the Philippine Creative Industries Development Plan, which aims to foster the growth and global recognition of the local creative industries through various initiatives such as building creative cities, empowering local professionals, creating market access and nurturing startups.
