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Manila Bulletin devider Business devider Trade & Industry devider High FDIs sign of global business confidence in PH -- Pascual

High FDIs sign of global business confidence in PH -- Pascual

Published Apr 10, 2024 08:20 am

Trade and Industry (DTI) Secretary Alfredo E. Pascual expressed his elation in the continuously high foreign direct investments (FDIs) recorded by the Central Bank, citing it as a "sign of the global business community's trust" in the Philippine economic growth.

"The surge in FDIs reflects the unwavering confidence and steadfast trust the global business community places in the Philippines' economic potential," said Pascual in a statement on April 10.

"This only strengthens our commitment to further improve the country’s business environment to attract even more foreign investments, which in turn will create more jobs and sustain our economic growth. In particular, we are leveraging our strengths across key sectors such as manufacturing, real estate, construction, and wholesale and retail trade," he added.

Pascual highlighted that the equity investments made in  January was "primarily from Japan and the United States, targeting strategic sectors for the Philippine economy."

This aligns with the Trilateral Economic Ministers Meeting on April 11, 2024, in Washington, D.C.,  to be attended by Pascual, US Commerce Secretary Gina Raimondo, and Japan’s Ministry of Economy, Trade and Industry (METI) Minister Ken Saito.

The DTI emphasized that it "remains focused on further attracting significant investments in these essential sectors and other high-growth industries," citing the meeting as an opportunity to "improve infrastructure, upskill workers, ensure environmental sustainability, and invigorate the private sector with meaningful initiatives."

On Wednesday, April 10, the Bangko Sentral ng Pilipinas (BSP) reported $907 million in net inflows in January this year, which is 89.9 percent growth compared to $478 million in January 2023.

The growth in FDIs was attributed to rise in investments in the manufacturing, real estate, construction, and wholesale and retail trade sectors.

The 89 percent surge follows the growth seen in November and December last year at 28 percent and 30 percent respectively, compared to data from 2022. 
 

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