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Manila Bulletin devider Philippines devider National devider Investors' confidence remains solid in PH—DTI chief

Investors' confidence remains solid in PH—DTI chief

Published Oct 2, 2023 11:13 am

Investors' confidence in the Philippines remains solid despite the decline in the country's foreign direct investment (FDI) inflows in the first half of the year, a Cabinet member said.

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Trade Secretary Alfredo Pascual said in a Presidential Communications Office (PCO) statement that this is attributed to the high reinvested earnings and rising foreign investment approvals.

“In summary, although FDI in the Philippines declined in the first semester of 2023, there remains solid foreign investor confidence in the country, as demonstrated by the high reinvested earnings and the rising foreign investment approval by BOI and other IPAs (Investment Promotion Agencies),” Pascual said.

Pascual issued the statement in response to a news report saying FDI declined by 20 percent to $3.9 billion in the first half of 2023 compared to the same period last year based on Bangko Sentral ng Pilipinas (BSP) data.

“Factors such as inflation rates and investment rates substantially influence FDI decisions. Stable inflation and competitive interest rates generally attract FDI, whereas high inflation and unfavorable rates can repel foreign investors,” he explained.

Pascual emphasized that there are also foreign investments in the Philippines that are not registered with the IPAs and they happen without going for incentives.

He also pointed out that since 2022, there has been a consistent increase in these approvals by the DTI-Board of Investments (BOI) and other IPAs.

Total IPA approvals from January to June 2022 were at $1.06 billion; from July to December 2022, $3.28 billion; and, from January to June 2023, and $8.45 billion.

The Secretary also explained that the FDI in a particular year does not solely arise from recent investment leads. FDI inflows could be based on decisions made years prior and might be realized in stages over time.

He added that the gestation period, or the time from initiation to realization, varies considerably depending on factors like the project's nature, the involved sector, and the host country's regulatory environment.

“The future looks promising, given the rising trend in foreign investment approvals by BOI and our other IPAs and the continued efforts to promote the Philippines as an attractive investment destination,” Pascual further said.

Related Tags

DTI Foreign Direct Investments Alfredo Pascual foreign investment
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