AT least $14 billion in investments bagged from the foreign trips of President Ferdinand R. Marcos Jr., particularly in light manufacturing and IT and Business Process Management (IT-BPM) sectors, among others, are
now being “actualized,” according to the Department of Trade and Industry (DTI).
Investment pledges from foreign firms during the president’s visits over the past 16 months are already operating and/or have completed the process of registering the project with DTI’s investment promotion agencies (IPAs), said a statement released by DTI over the weekend.
DTI said the $14.2-billion investment figure, involving 46 projects, translates to 20 percent of total investment pledges or $72.2 billion, which comprises 148 projects.
The DTI, the mother agency of the Board of Investments (BOI), explained that an investment project is considered to have actualized if it has “commenced implementation” which means that it has “spent financial and staff resources to undertake specific, tangible steps for implementing the project.”
These investments span various sectors, such as manufacturing, IT-BPM, renewable energy, infrastructure, transport and logistics, agriculture, and retail, DTI said.
Among these sectors, DTI said manufacturing has captured the largest share in terms of the number of projects, comprising 16 projects or 35 percent, followed closely by IT-BPM with 10 projects or 22 percent, and renewable energy with 9 projects or 20 percent.
As to the source of investments, DTI said the “most significant” countries with the number of projects already actualized are Japan, with 21 equivalent projects, and the United States with 13 projects.
The department which heads investment promotion agencies in the country explained that the duration of the implementation period depends on the sector to which a particular project belongs.
For one, due to “relatively shorter implementation periods,” investment commitments from the presidential visits in the IT-BPM sector and in light manufacturing have “mostly become operational.”
With this, the agency said the “early actualization” of investment commitments in these sectors “contributes to the decrease in the unemployment rate in the Philippines,” adding that IT-BPM and manufacturing are “significant generators” of direct employment.
Meanwhile, DTI said foreign investors are still conducting “pre-implementation” and planning activities in their respective countries for the remaining 102 projects which carry investment pledges worth $58 billion.
Trade and Industry Secretary Alfredo E. Pascual emphasized that while presidential visits are “effective platforms” for generating investment pledges, realizing projects demands “relentless follow-through and strategic collaboration.”
As investments materialize, the Philippines will reap the “long-term” benefits of “sustained economic growth and job creation.”
“Our dedication to turning investment pledges into reality is unwavering. We also leverage each presidential visit as a springboard for building up a pipeline of investment opportunities and making the Philippines an investment destination of choice,” the country’s trade chief said.
Input your search keywords and press Enter.