The Philippines recorded PHP 1.4 trillion in total approved investments since the start of the Marcos administration, Trade and Industry Secretary Fred Pascual said on Tuesday.
βThe future looks promising, Mr. President, given the rising trend in foreign investment approvals by the DTIβs investment promotion agencies β BOI (Board of Investments) and PEZA (Philippine Economic Zone Authority). In addition, we continue our efforts to promote the Philippines as an attractive investment destination.β Pascual said during his presentation to the President on the status of foreign investment leads and the ways forward to ensure project realization.
βSince the beginning of the Marcos Jr. administration, we have seen a substantial increase in approved foreign investments,β he said.
Pascual reported to President Marcos Jr. the significant increases in foreign investment approvals by BOI and PEZA. The approvals were just USD 1.1 billion in the first half of 2022 and rose to USD 3.3 billion in the second half of the same year.
βAnd when we look at the first half of 2023, the approvals ballooned to USD 8.4 billion. These are the foreign investment approvals that will be realized over time,β he said.
Pascual also expressed optimism on the FDI inflows being reported by the BSP, saying that βBOI and PEZA are building up a good pipeline of approved foreign-invested projects that will eventually be implemented as actual investments.βΒ | PND
Photo Courtesy of PCO
