NextGen Day

In a drive to draw in more foreign investors and position the Philippines as a top investment destination, the Marcos administration is making the manufacturing sector innovative and sustainable, a Trade official said on Saturday.

Manufacturing is one of the main areas that the administration plans to expand, according to Lanie Dormiendo, director of the Board of Investments (BOI) International Investments Promotion Service, who was speaking at the Saturday News Forum in Quezon City.

Dormiendo noted that the government places an emphasis on “high-value” manufacturing activities including electric vehicle (EV) assembly, battery manufacture, and mineral processing, and added, “We are really aggressively supporting creative and sustainable manufacturing and services.”

Next, she continued, “we want to attract battery manufacturers and eventually the EV assemblers and EV manufacturers. We want to attract foreign investors to conduct a higher value activity to perform mineral processing.”

According to Dormiendo, the nation possesses “a lot of minerals” that can be processed to make up a component of batteries for both EVs and battery energy storage systems.

She added that the administration preferred to make use of the nation’s resources than export raw minerals to China and Japan.

According to Dormiendo, the Marcos government is “actively” pushing renewable energy (RE) in terms of sustainable infrastructure and services.

She mentioned that, as of late last year, the Department of Energy changed the Republic Act 9513, also known as the Renewable Energy Act of 2008, establishing rules and regulations to permit 100 percent foreign equity for a variety of RE sources, including wind, solar, and tidal.

She claimed that the government now permits geothermal and biomass projects to have 100% foreign equity, which has prompted more local and international investors to invest in RE.

In fact, she noted, “RE projects made for a significant share of our investment approvals for the BOI-approved projects last year. “For this year, we have already recorded investments totaling more than PHP400 billion, with a significant portion of these investment approvals also going toward renewable energy.”

According to information released on Saturday, just six weeks into 2023, the total amount of investment projects that the BOI has approved has already surpassed PHP414.3 billion, a 142.9-percent increase over the PHP170.5 billion recorded during the same period last year.

With approvals totaling PHP398.7 billion, up 138 percent from PHP167.9 billion registered last year, the RE or power sector has maintained its dominance.

With PHP12.3 billion in approvals, the manufacturing sector is likewise on the rise, up 13,982 percent from the meager PHP87 million in the same period in 2022.

addressing the concerns of investors

The Department of Commerce and Industry’s Foreign Trade Service Corps officer-in-charge, Vichael Angelo Roaring, stated that the organization would address the investors’ worries.

Prior to now, President Ferdinand R. Marcos Jr. issued an order to implement an “all-of-government” strategy in order to address the issues plaguing the business sector.

“The President’s instruction is crystal clear,” the speaker says. He desires a comprehensive strategy from the entire government to address the “pain spots,” or the difficulties faced by foreign investors in the Philippines, Roaring added.

According to Him, the government wants to increase the Philippines’ appeal as a destination for investments and as a trading partner in the neighborhood.

Marcos promised international businesses “continued and easy” operations in the Philippines during a recent visit to Japan.

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