MANILA -- The government expects to realize this year around US$88 million investments as a result of President Ferdinand R. Marcos Jr.’s trips abroad, Trade Secretary Alfredo Pascual said on Wednesday.
“The number that we expect to materialize in 2023 will total around US$88 million. Maliit pa ‘no. Iyon lang iyong up to June this year, and we expect some more to ripen and eventually lead to the inflow of investments,” Pascual told reporters during a press briefing in Malacañang.
“Eighty-eight million. It is not so large as yet, but the potential is as we announced before, we have a pipeline that we were able to build up amounting to around US$ 70 billion,” he added.
Detailing the summary of investments, the Trade chief said the businesses with six projects have been registered with Board of Investment (BOI) or other investment promotion agencies.
According to Pascual, there are six classifications starting from confirmed investment not covered MOU or LOIs and still at the planning stages, signed MOU and LOI, and signed agreement with clear financial project value.
Other categories are businesses made or registered with BOI or another investment promotion agency and registered businesses already commencing their operations in the country.
Asked by reporters about the marketability of the Philippines to foreign investors, Pascual said it is easy to entice investors nowadays because of the reforms that have been undertaken recently by the Marcos government.
Among these reform measures include the amendment to the Public Service Act; Foreign Investment Act; Retail, Trade Liberalization Law; the passage of the CREATE Act; and, the relaxation of ownership restrictions for renewable energies.
“Iyon ang importanteng message. And not only that, geopolitical developments are such that Europe is developing great interest in the Indo-Pacific,” he said.
“Kaya tayo pumupunta roon kasi iyong mga kapitbahay natin sa paligid-ligid natin ay ginagawa iyon, ano. Kung hindi natin gagawin, kapag mag-iisip na iyong investor mag-invest sa ASEAN or Southeast Asia, sino ang unang maiisip? Siyempre iyong nakakausap nila.” | PND
