Frederick Go’s stint as head of the Office of Special Assistant for Investment and Economic Affairs (OSAPIEA) has brought in billions of foreign investments, which is why various business organizations and government agencies are lauding his appointment as the new secretary of the Department of Finance.
Under the leadership of President Ferdinand R. Marcos Jr., the government 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 Implementing Rules and Regulations (IRR); advancing the landmark legislation 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 the formation of the Semiconductor and Electronics Industry (SEI) Advisory Council.
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 in the Philippines - an indication of 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 Vietnamese firm 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 US 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.