DTI reported the overseas trips of Pres. Marcos are starting to bear fruit
President Ferdinand Marcos Jr.’s diplomatic efforts during his overseas trips are proving fruitful, as reported by the Department of Trade and Industry (DTI). Trade and Industry Secretary Alfredo Pascual highlighted data from the Bangko Sentral ng Pilipinas (BSP), revealing a significant rebound in foreign direct investments (FDI) inflows in November 2023, amounting to $1 billion—a 27.8% increase. This brought the net FDI inflows for the 11-month period to $7.6 billion.
Pascual remarked, “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.”
Additionally, the Philippine Statistics Authority (PSA) reported a 127.2% surge in investment pledges from foreign sources in the fourth quarter of 2023, amounting to P394.45 billion.
President Marcos Jr. previously defended his overseas trips as opportunities to attract investments to the country, stating, “My primary interest is to try and make our country an investment-friendly place.”
Nicholas Mapa, senior economist at ING, noted that recent legislative measures aimed at easing foreign restrictions in various sectors have contributed to the increase in foreign investment. He emphasized the importance of addressing inefficiencies, improving infrastructure, and reducing power costs to further enhance the country’s attractiveness to foreign investors.
Mapa also highlighted the impact of presidential visits on the Philippine economy, signaling the government’s commitment to fostering an environment conducive to economic prosperity. He described the Philippines as a premier investment destination for foreign businesses in Asia.
DTI chief Pascual reiterated Marcos’s goal of positioning the Philippines as the second top destination for FDIs in Southeast Asia by 2028. He emphasized the importance of turning investment pledges from presidential visits into reality to generate employment opportunities for Filipinos.
While Congress deliberates on whether to amend the Constitution to further relax economic restrictions, Mapa suggested addressing other challenges in doing business in the country to enhance its attractiveness to foreign investors.
Business News: DTI reported the overseas trips of Pres. Marcos are starting to bear fruit
