The Department of Finance (DOF) reported that the Marcos administration's overseas roadshows have led to investment pledges exceeding P2 trillion.

In a statement, the DOF said the government has secured a total of P2.2 trillion in investment commitments from various countries following the Philippine economic briefings.

Notably, the government secured P800 billion in investment pledges from Singapore and Indonesia, P229 billion from the United States, P157 billion from Germany, and P293.1 million from the United Kingdom (UK).

Furthermore, the Marcos administration successfully obtained P708.2 billion from Japan and gained approval for P3.8 billion in other foreign investments.

In addition, the DOF cited the country's achievement in securing $600 million in infrastructure investment pledges.

Aside from investments, investors gained valuable insights into the Philippines' macroeconomic strengths, performance, reforms, and policy environment during the international dialogues, the DOF added.

"Personally engaging with top level investors increases the Philippines’ visibility in the international arena, especially in untapped markets,” Finance Secretary Benjamin E. Diokno said.

“Establishing bilateral economic relations is [also] in line with the President’s call to form strategic alliances with the international community,” he added.

Such regular and targeted briefings on the country’s priority areas and latest policy with the international communities improve the investment climate in the country, Diokno stated.

He added that international fund managers, investment houses, and fixed-income investors are particularly interested in knowing the Philippines' credit story, growth outlook, and priority investment areas.

“When visiting a foreign country, we look into areas that will complement the needs of both parties. For instance, our demographic sweet spot is a plus for investors looking to operate in the country,” Diokno said.

“Another area of interest for many investors is our newly-liberalized renewable energy sector, as well as the availability of critical minerals needed for clean technologies,” he added.

As the head of the economic team, Diokno noted the importance of conducting regular and targeted briefings that keep global investors and partners updated on the country's priority areas and latest policy thrusts to improve the investment climate in the country.

The economic team earlier engaged with Dubai-based funds that expressed interest in co-investment opportunities in infrastructure and fixed-income instruments, such as Environmental, Social, and Governance-linked bonds, through the Maharlika Investment Fund.

The DOF said that the government was able to attract foreign direct investments into the country through emphasizing the Philippines’ fundamental advantages of having a young highly-skilled workforce and enhanced investment environment.

It added that international engagements allow the government to obtain valuable inputs and feedback from industry leaders on certain issues and recommendations on how to further enhance investment policies to improve the country's economic environment among other countries.

For instance, investor roundtables in Japan and the Middle East prompted the timely review and adjustment of policies in response to issues on value-added tax exemptions and refund claims, fiscal incentives granted under the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act, and double taxation avoidance.  

“We should take advantage of this time now that the pandemic is over. We will continue with these targeted economic missions and establish bilateral ties to support our agenda for prosperity for a future-proof and sustainable economy,” Diokno further said.