Frederick Go’s OSAPIEA stint provides billions of investments to Phl

The stint of Frederick Go at the Office of the Special Assistant for Investment and Economic Affairs (OSAPIEA) has brought billions in foreign investments, which is why several business organizations and government agencies have lauded his installation as Finance Secretary.

Under the leadership of President Ferdinand R. Marcos Jr., the administration is pursuing bold, wide-ranging reforms to create a more dynamic and business-friendly environment—one that positions the Philippines as a destination of choice for global investors.

As part of this broader national effort, OSAPIEA has also worked on several key initiatives, including boosting the capital market; implementing the new Public-Private Partnership (PPP) Code and its IRR; advancing the landmark CREATE MORE Act; pushing the Digital National ID; supporting the Luzon Economic Corridor; rolling out the VAT Refund for Tourists; updating the Investors’ Lease Act; implementing the Accelerated and Reformed Right of Way Act; and forming the Semiconductor and Electronics Industry (SEI) Advisory Council.

Major investments

During his term as Secretary of the OSAPIEA, Go worked double-time to invite more foreign investments. One of the biggest is I Squared Capital, a leading global infrastructure investor that is rapidly advancing its $2-billion commitment to the Philippines. This reflects strong confidence in the country’s infrastructure agenda and investment climate. The firm has already deployed over $1 billion across energy, transport and logistics, and digital infrastructure. Its latest investment expands Royal Cold Storage, the largest cold storage facility in Luzon.

Go also secured the commitment of Samsung Electro-Mechanics Philippines (SEMPHIL), which is now building an additional multi-layer ceramic capacitor production facility in Calamba, Laguna, with a $1-billion investment.

Another major project launched during his tenure is Vinfast through Green and Smart Mobility (GSM), which rolled out its electric taxi fleet in the Philippines last June. Backed by $500 million in investments, the company is deploying 1,500 e-taxis and employing 1,660 Filipinos. GSM will expand its operations to Cebu and Davao, with plans to invest up to $1 billion—including charging station infrastructure—and generate up to 10,000 jobs nationwide within the next five years.

Cerberus, a U.S. alternative investment firm, also committed P15 billion ($250 million) over the next 12 months. Its expansion goes beyond the revitalized Agila Subic Shipyard (formerly Hanjin Shipyard) and includes new projects in logistics, energy, and transport infrastructure.

Several other significant investors entered the country during Go’s stint. HD Hyundai Heavy Industries invested P10.7 billion ($186 million) in Compostela, Cebu, to establish a rebar facility capable of producing 1.2 million tons annually and generating 2,700 jobs. SteelAsia advanced its expansion projects to strengthen local steel supply. Panhua Steel committed $400–500 million for a manufacturing facility in Sarangani that will produce 2.3 million tons of plain carbon steel, low-alloy steel, cold-rolling billet, and steel billet annually.

Another major initiative is Terra Solar’s P200-billion project in Gapan, Nueva Ecija, supported by a $600-million investment from British firm ACTS. Additional investors that expanded or entered the Philippines include Dyson (UK), Equinix data centers, Farm Fresh, and Charoen Pokphand Foods (CPF).

Earlier, Secretary Go thanked the President for his continuing trust and confidence.

“It is with a deep sense of responsibility that I take on this role. Recognizing the challenges and opportunities ahead, I am fully committed to promoting fiscal strength and sustainable economic growth for the country. I look forward to working closely with our partners in government, the private sector, and the international community to pursue shared prosperity and a brighter future for all Filipinos,” Go said.