DTI, other gov't agencies should follow through on investment pledges during Marcos' foreign trips

Senator Sherwin Gatchalian on Friday, December 29 defended the Marcos administration’s spending for foreign and local trips next year and urged government agencies to follow through on investment pledges that would be made during these official visits.

“The President is the most potent Investor Relations Officer of the country. His physical presence sends a strong signal that the country is open for business,” Gatchalian said in a statement.

“Moreover, heads of states, fund managers, and potential investors will all have a rare opportunity to interact and receive assurance from no less than the highest official of our land,” he pointed out. 

“But having said that, individual departments, especially the Department of Trade and Industry (DTI), should follow through to close the pledges that were made during the president's investment roadshows,” Gatchalian stressed.

“The departments should make sure that the investors are welcomed with a red carpet and all their concerns are addressed when they set up shop in the Philippines,” he added.

President Marcos will have P1.408-billion to spend for his local and foreign trips next year, based on Republic Act No. 11975, or the General Appropriations Act of 2024, which he signed on Dec. 20 in Malacañang.

The P1.408-billion is 58 percent higher than his 2023 travel allocation of P893.57- million this year, 2023. 

The DTI, in a press release from Malacañang last Tuesday, December 26, defended the President’s trips abroad stating that it helped generate $72.18 billion or nearly P4-trillion in foreign investments.

According to the agency, the amount covers 148 projects which are mostly in line with renewable energy, data centers and telecommunications, manufacturing, information technology and business process management sectors.