MANILA -- President Ferdinand R. Marcos Jr.’s foreign visits resulted in P427 billion foreign investments with the Bureau of Investments with the bulk going to the renewable energy sector.
“Natutuwa tayo at nasabi natin (kay President Marcos) na iyong kaniyang mga presidential visits have been resulting to actual investment registrations and approvals doon po sa ating mga investment promotion agencies,” Trade Undersecretary Ceferino Rodolfo said in a press briefing in Malacanang on Tuesday.
“Natutuwa tayo at binanggit sa ating mahal na Pangulo na from January to September of this year, ang investment approvals po ng BOI ay umaabot na sa 734 billion pesos. Kung ikukumpara po ito noong January to September of 2022, umabot lang po tayo noon ng 362 billion pesos or an increase of 102 percent.”
This does not include, added Rodolfo in a separate interview, around P131 billion in investments the Philippine Economic Zone Authority (PEZA) has approved from January to October 2023, representing an increase of 232.45 percent from the P39.632 billion investments approvals in the same period last year.
Rodolfo said most of the PEZA investments can also be considered direct results of the President’s foreign visits because many of them have come from Japan, China and the United States, which the President had visited late last year and early this year.
Rodolfo, who briefed the President on recent investments, said that about 80 percent of the total foreign direct investment (FDI) registration goes through the Board of Investments (BOI).
Rodolfo also reported to the President that from January to September of this year, BOI’s investment approvals reached P734 billion pesos, compared to P362 billion recorded in January to September 2022, or an increase of 102 percent.
BOI’s total approved foreign investment registrations of P427 billion represents a 150 percent increase compared to last year’s record.
Local reforms and preparation done by the government prior to those visits are also vital to the investments, according to Rodolfo.
For instance in November last year, the policy initiatives carried out by the administration was the removal of the foreign equity restrictions on renewable energy projects and the President’s hosting of various leaders who visited the country.
“Napakalaking bagay noon kasi makikita ninyo ngayon iyong resulta noong mga pumapasok sa atin, madami doon sa binanggit kong 427 billion pesos worth of foreign projects are actually in the renewable energy sector; tapos marami doon nanggagaling sa Europe,” Rodolfo said of the renewable energy reform.
“Tapos, hindi lang iyong visit na iyon mismo pero pati iyong mga pagtanggap ni Presidente sa mga bisita na nanggagaling sa ibang bansa. Pumunta ho dito iyong European Council President, si Madam Ursula Von der Leyen tapos napakaganda noong mga naging mensahe doon including the resumption of our FTA (Free Trade Agreements) negotiations with the EU.”
Aside from increased foreign investments and registrations, non-investing countries have noticed the Philippines and started considering putting their money in the country, Rodolfo said.
“Tapos, doon sa mga bansa na typically hindi natin nakita in the past years to have been investing in the Philippines – ito iyong mga pumapasok and ito rin kasama dito iyong mga bansang pinuntahan ni Presidente,” he said. (PND)
