Not all foreign investment offers to the Philippines will materialize, Trade and Industry Secretary Alfredo Pascual said on Wednesday, July 12. DTI Secretary Alfredo Pascual (RTVM Screenshot)
In a Palace briefing, Pascual explained that significant investments take time to implement, while some may not materialize at all. "It is crucial to emphasize that significant investments take time to implement and their benefit to the country is also long-term," he said. "So, it takes time to solicit, implement, and operate a business. The moment they are here, they are here to stay. Unlike what we call hot investments, you must have heard of the term hot investments, you know.  They go in and out quickly, like those made in our stock exchanges," he added. Pascual further said that there is normally a series of steps in investment decisions involving foreign direct investment. These steps that must be followed include expression of the interest; decision to explore the feasibility; feasibility study; among others. The Trade Secretary  stressed that while this is the reality, the government must sustain its efforts to attract more foreign investments to achieve the desired level of investments. "Given the reality that not all leads may materialize. I would like to reiterate that, the reality of life is not all leads will materialize. We must sustain our efforts therefore to generate investment leads to achieve our desired level of investments over the long time going forward," Pascual said. "Just like in any business, the selling job does not stop. Doing investment promotions, selling the country and that effort does not stop it. It’s not a one-time exercise," he added. The DTI chief stressed that bringing investments within the country is a continuing requirement in order to support economic growth, which leads to creation of jobs for the growing population. He bared that the six companies they met during the past presidential visits "are already starting their investment projects in the country." These, he said, are expected to contribute to the country's manufacturing, renewable energy, and  Information Technology and Business Process Management (IT-BPM) industries. "Collectively, they are expected to generate approximately 17,800 direct employment," he said. The Trade official said the government must nurture the build-up of diverse investments to ensure a thriving economy for its growing population. He assured the public that the DTI  will continue to ensure that several of the investment leads gathered during foreign visits "will get implemented eventually and create more stable and better-paying jobs for Filipinos." Pascual made the statement following the DTI's participation in a three-week investment roadshow in Europe which generated P73 billion of investment leads.