The pitches made by President Ferdinand Marcos Jr. in his trips abroad have yielded growing foreign investments, according to the Department of Trade and Industry. President Marcos has expressed his primary interest in making the Philippines an investment-friendly place, and these efforts are starting to show tangible results.
Trade and Industry Secretary Alfredo Pascual confirmed the positive impact of President Marcos’ foreign trips, stating, “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 (foreign direct investments) report from BSP.”
The report reveals a substantial rise in FDIs in manufacturing and a significant surge in FDIs originating from Germany from January to November last year. These investments are crucial for the country’s economic growth and job generation.
Secretary Pascual also emphasized President Marcos’ goal of making the Philippines the second top destination for FDIs in Southeast Asia by the end of his term in 2028. The government is committed to turning investment pledges from presidential visits into reality and building a pipeline of investment opportunities.
Recent data from the Philippine Statistics Authority supports the positive trend, showing a surge of 127.2 percent in investment pledges from foreign sources in the fourth quarter of 2023, amounting to P394.45 billion. This increase can be attributed to recent laws passed by Congress that have eased foreign restrictions in various sectors, making it more attractive for foreign investors to enter the Philippine market.
Nicholas Mapa, a senior economist at ING, highlighted the Philippines’ growth outlook and the impact of recent legislation on attracting foreign investors. He stated, “The Philippines just has a good story to tell in terms of growth outlook. The government should work on ways to lower inefficiencies, improve infrastructure, and reduce power costs. All these factors will contribute to increasing our attractiveness as an FDI destination.”
The presidential visits have played a significant role in signaling the government’s commitment to fostering a conducive environment for economic prosperity. This commitment has not only attracted local entrepreneurs but also foreign investors. The Philippines has become a premier investment destination for foreign businesses in Asia.
In conclusion, President Marcos Jr.’s foreign trips have proven to be fruitful in attracting foreign investments to the Philippines. The efforts to create an investment-friendly environment, along with recent legislative changes, have contributed to the country’s growing appeal as an FDI destination. With continued momentum and a pipeline of investment opportunities, the Philippines is poised to achieve its goal of becoming a top destination for FDIs in Southeast Asia.
Source: The Manila Times
