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Manila Bulletin devider Philippines devider National devider $88M foreign investments to materialize this year—Trade chief

$88M foreign investments to materialize this year—Trade chief

Published Jul 12, 2023 09:20 am
Around $88 million worth of foreign investments are expected to materialize within the year, Trade and Industry Secretary Alfredo Pascual announced. (RTVM Screenshot)
"The number that we expect to materialize in 2023 will total around $88 million – maliit pa ‘no (that's still small)," Pascual said in a Palace briefing on Wednesday, July 12. The $88.4 million worth of investments, Pascual added, covers six projects which have been registered with the Bureau of Investments (BOI). "Iyon lang iyong (That's only) up to June this year, and we expect some more to ripen and eventually live to the inflow of investments," he added. The Trade Secretary said "it is not so large as yet" but the potential of these investments could build up to $70 billion, which is currently under pipeline. Pascual explained that these investments are classified through various stages such as confirmed investments but not covered by memorandum of understanding (MOUs) or letter of intent (LOIs) and still at the planning stages; covered by signed MOU and LOI; under agreement signed with clear financial value of a project; business registration is in progress; business registration is made or registered with BOI or another investment promotion agency; and business has been registered and the operations have commenced. During the press briefing, Pascual announced that [the Philippines has received P73-billion in investment leads](https://mb.com.ph/2023/7/12/ph-gains-p73-b-investment-leads-from-europe-roadshow-dti) during a three-week investment roadshow the country participated in across Europe. Pascual said these investment leads were from the renewable energy and infrastructure development sectors. The Trade Secretary said they went to five countries —France, the United Kingdom, Belgium, the Netherlands and Germany.

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DTI DTI Secretary Alfredo E. Pascual investment pledges foreign investment
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