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After PBBM’s attendance at WEF, there were more FDIs: PEZA

According to the Philippine Economic Zone Authority (PEZA), President Ferdinand R. Marcos Jr.’s effective participation in the just-ended 2023 World Economic Forum (WEF) is anticipated to increase international direct investments this year.

Aleem Siddiqui Guiapal, the deputy director general of PEZA, expressed optimism that Marcos’ attendance at the WEF in Davos, Switzerland, will increase and maintain investor confidence during the News Forum in Quezon City.

This is a fantastic program, according to the President. (The President’s program is good.) Unang-una po, the political will for a particular country to pinaghahandaan iyong investments, especially iyong adhikaing mapalago iyong foreign direct investment, is magandang mensahe po. The political resolve of a nation to increase investments, particularly foreign direct investment, is a positive message, first and foremost, according to Guiapal.

He said this while reporting a 103 percent increase in investments approved by the PEZA to PHP140.7 billion for the last quarter of 2022.

Following the signing of investment commitments, Guiapal said that PEZA organizes investor visits to various areas throughout the nation and makes sure that agreements are carried out without incident.

“So, after they arrived, the agency’s first move was to meet with their senior management, he said. “When they made a vow, the agency’s first step is to hold a meeting with their top management,” he said.

“Minsan po kailangan puntahan ng management ang PEZA sa ibang bansa, mayroon din naman pong pamamaraan na sila iyong pumupunta dito, iniikot natin sila sa mga lokasyon kung saan sila puwedeng mag-locate. They can go in various directions from here. We are going to the places where people can stay,” he continued.

Reforms that “change the game”

The “game-changing reforms” implemented by the Marcos administration, according to Trade Undersecretary Ceferino Rodolfo, include the revision of the Renewable Energy Act of 2008’s implementing rules and regulations (IRR) to permit 100 percent foreign investment in renewable energy projects.

“And this is crucial… The Philippines is the country that investors in the country most frequently complain about because of its high energy costs, high power costs in comparison to its neighbors, and other issues “explained Rodolfo.

“But because of climate change, there is now a higher demand for sustainability globally, so using renewable energy will become crucial, he continued.

On Saturday afternoon, Marcos left for home after reporting the “positive” results of his trip to the WEF in Switzerland.

Marcos praised the achievements of the Philippines during his participation in WEF and urged foreign businesses to consider doing business there.

Due to the Marcos administration’s interactions with the world’s top business figures outside of the WEF, numerous global corporations and investment firms have also expressed interest in investing in the nation.

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