The Department of Trade and Industry (DTI) has reported that President Ferdinand Marcos Jr.’s overseas trips have begun to bear fruit, resulting in a surge in foreign direct investments (FDI) in the Philippines.
According to Trade and Industry Secretary Alfredo Pascual, the latest data from the Bangko Sentral ng Pilipinas (BSP) revealed a 27.8% rebound in FDI inflows in November 2023, amounting to $1 billion. This contributed to an 11-month net FDI inflow of $7.6 billion.
The surge in FDI inflows is attributed to the pipeline of projects initiated during President Marcos Jr.’s presidential visits and the goodwill fostered during these trips. The DTI also highlighted a substantial rise in FDIs in manufacturing and a significant surge in FDIs originating from Germany.
The government’s efforts to ease foreign restrictions in various sectors have also contributed to the increase in foreign investments. ING senior economist Nicholas Mapa noted that the Philippines’ growth outlook and efforts to address inefficiencies, infrastructure, and lower power costs have enhanced the country’s attractiveness as an FDI destination.
The DTI aims to transform investment pledges from presidential visits into reality, to make the Philippines the second top destination of FDIs in Southeast Asia by the end of President Marcos Jr.’s term in 2028. The government is committed to fostering a conducive environment for economic prosperity and attracting foreign businesses to invest in the country.
Source: PhilNews24 | February 21, 2024
