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Manila Bulletin devider Philippines devider National devider Government's foreign investment goals on the right track

Government's foreign investment goals on the right track

Published Feb 20, 2024 12:00 pm

The Philippine government’s goal of getting more foreign direct investments (FDI) is on the right track and is being boosted by successful pitches to world leaders during President Marcos’ overseas trips.

In its data, the Philippine Statistics Authority (PSA) said that investment pledges from foreign sources surged 127.2 percent in the fourth quarter of 2023 to P394.45 billion.

ING senior economist Nicholas Mapa said the recent laws passed by the Congress that ease foreign restrictions in investing in various sectors in the country also helped in bringing in more foreign investors into the country.

“The Philippines just has a good story to tell in terms of growth outlook. The government should work on ways to lower inefficiencies, infrastructure, and lower power costs. I think all those will go hand-in-hand in bringing or increasing our attractiveness as an FDI destination,” Mapa said.

“Certainly, the presidential visits have been impactful for the Philippine economy, signaling to both local entrepreneurs and foreign investors alike the government's commitment to fostering a conducive environment for economic prosperity. The Philippines has become a premier investment destination for foreign businesses in Asia,” he added.

In his past speeches, Marcos said that his primary interest under his administration is to try and make the Philippines an investment-friendly place.

The Chief Executive also targets the Philippines to be the second top destination of FDIs in Southeast Asia by the end of his term in 2028.

Department of Trade and Industry (DTI) Secretary Alfredo Pascual echoed the President's sentiment after the Bangko Sentral ng Pilipinas (BSP) said net foreign direct investments (FDI) inflows in November 2023 rebounded by 27.8 percent amounting to USD1 billion, bringing the 11-month net FDI inflows to USD7.6 billion.

“Indeed, we are making it happen in the Philippines. The pipeline of projects initiated during President Marcos Jr.'s presidential visits, along with the goodwill fostered, is starting to yield tangible results, as shown by the latest FDI report from BSP. From January to November last year, we observed a substantial rise in FDIs in manufacturing and a significant surge in FDIs originating from Germany,” Pascual said.

“We will keep our momentum to make more investments happen in the Philippines by turning investment pledges from presidential visits into reality. Each presidential visit is important and sets a foundation for us to build a pipeline of investment opportunities that will translate to job generation for our countrymen,” he added.

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