Growth in foreign investments attributed to Marcos' foreign trips

The pitches made by President Ferdinand Marcos Jr. in his trips abroad have yielded growing foreign investments, the Department of Trade and Industry said.

The President had said that his primary interest “is to try and make our country an investment-friendly place.”

Trade and Industry Secretary Alfredo Pascual confirmed that Marcos’ foreign trips have started to yield “tangible results.”

“Indeed, we are making it happen in the Philippines. The pipeline of projects initiated during President Marcos Jr.’s presidential visits, along with the goodwill fostered, is starting to yield tangible results, as shown by the latest FDI (foreign direct investments) report from BSP,” Pascual said, referring to the Bangko Sentral ng Pilipinas.

“From January to November last year, we observed a substantial rise in FDIs in manufacturing and a significant surge in FDIs originating from Germany,” Pascual said.

Get the latest news

delivered to your inbox

By signing up with an email address, I acknowledge that I have read and agree to the Terms of Service and Privacy Policy.

The DTI chief earlier said Marcos targets the Philippines to be the second top destination of FDIs in Southeast Asia by the end of his term in 2028.

“We will keep our momentum to make more investments happen in the Philippines by turning investment pledges from presidential visits into reality. Each presidential visit is important and sets a foundation for us to build a pipeline of investment opportunities that will translate to job generation for our countrymen,” Pascual added.

The official likewise cited a report released last week by the Philippine Statistics Authority that investment pledges from foreign sources surged 127.2 percent in the fourth quarter of 2023 to P394.45 billion.

ING senior economist Nicholas Mapa, meanwhile, pointed to recent laws passed by Congress that eased foreign restrictions in investing in various sectors and has helped bring in more foreign investors.

“The Philippines just has a good story to tell in terms of growth outlook. The government should work on ways to lower inefficiencies, infrastructure, and lower power costs. I think all those will go hand-in-hand in bringing or increasing our attractiveness as an FDI destination,” Mapa said.

“Certainly, the presidential visits have been impactful for the Philippine economy, signaling to both local entrepreneurs and foreign investors alike the government’s commitment to fostering a conducive environment for economic prosperity. The Philippines has become a premier investment destination for foreign businesses in Asia,” he added.

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : The Manila Times – https://www.manilatimes.net/2024/02/20/news/growth-in-foreign-investments-attributed-to-marcos-foreign-trips/1933324