By Brian Jules Campued
A total of US$14.2 billion in investment pledges from President Ferdinand R. Marcos Jr.’s foreign trips over the past 16 months are now being actualized, the Department of Trade and Industry (DTI) said Sunday.
As of December 2023, the DTI recorded at least US$72.2 billion in investment pledges across 148 projects.
According to DTI, about 20% of the total pledges or 46 projects are already operating, and/or have completed registration with the agency’s Investment Promotion Agencies, or have commenced implementation.
Spanning various sectors, manufacturing comprised 16 projects, followed by information technology and business process outsourcing (IT-BPO) with 10 projects, and renewable energy with nine projects.
Other sectors include infrastructure, transport and logistics, agriculture, and retail.
“The most significant countries as investment sources regarding the number of projects that have already been actualized are Japan with 21 equivalent projects and the US with 13 projects,” the DTI added.
Meanwhile, the remaining 102 projects valued at US$58 billion are in the pre-implementation or planning stages as other projects, such as those from offshore wind and major infrastructure projects, require an extended implementation period of up to seven years depending “on the sector to which a particular project belongs”.
Investment commitments in the IT-BPO and light manufacturing sectors, on the other hand, have mostly become operational due to shorter implementation periods.
“The investment flows into the country in phases over the implementation period, during which the project transitions into operational status and begins generating revenues,” the DTI explained.
With this, the “early actualization” of investment pledges in the said sectors have contributed to the decline in the number of unemployed Filipinos, adding that IT-BPM and manufacturing generates more employment opportunities.
DTI Secretary Alfredo Pascual stressed that while presidential visits are effective platforms for generating investment commitments, realizing projects demands “relentless follow-through and strategic collaboration”.
However, as these investments materialize, the country will enjoy a sustained economic growth and job creation.
“Our dedication to turning investment pledges into reality is unwavering. We also leverage each presidential visit as a springboard for building up a pipeline of investment opportunities and making the Philippines an investment destination of choice,” Sec. Pascual asserted. – avds
