Foreign investments approved by Department of Trade and Industry’s (DTI) investment promotion agencies since the start of the administration of President Marcos has reached P1.4 trillion, Trade and Industry Secretary Alfredo Pascual said.

Trade and Industry Secretary Alfredo Pascual (Photo from the Presidential Communications Office)

Pascual made this report to Marcos during a sectoral meeting in Malacañan Palace on Tuesday, Oct. 17.

The DTI chief presented to the Chief Executive the status of foreign investment leads and the effective ways to ensure project realization.

“The future looks promising, Mr. President, given the rising trend in foreign investment approvals by the DTI’s investment promotion agencies – BOI (Board of Investments) and PEZA (Philippine Economic Zone Authority),” he told Marcos.

“In addition, we continue our efforts to promote the Philippines as an attractive investment destination,” Pascual stressed.

The DTI secretary cited the “substantial increase” in approved foreign investment since Marcos assumed office in June 2022.

Pascual reported to the President the significant increases in foreign investment approvals by BOI and PEZA from $1.1 billion in the first half of 2022 to $3.3 billion in the second half of the same year.

“And when we look at the first half of 2023, the approvals ballooned to $8.4 billion. These are the foreign investment approvals that will be realized over time,” he said.

Pascual noted the BOI and PEZA are “building up a good pipeline of approved foreign-invested projects that will eventually be implemented as actual investments.”

Also on Tuesday, the DTI expressed confidence this increase in investment approvals and registrations has resulted from Marcos’ foreign trips.

The President was said to be keen in maximizing the potentials and benefits of his administration’s green lanes for strategic investments to pave the way for more local and foreign investments to the country.