MANILA, Philippines — The Philippine Economic Zone Authority (PEZA) and the Board of Investments (BOI),…
In six years, P1.1 trillion in investments and $4.3 billion in FDI in manufacturing have been approved.
MANILA, Philippines – Secretary of the Department of Trade and Industry (DTI) Ramon Lopez said the Duterte government has fostered a vibrant business environment in the previous six years, which has aided in luring manufacturing investments.
Lopez stated at the 7th Manufacturing Summit in Makati City on Tuesday that a total of PHP1.1 trillion in manufacturing investments have been approved between 2016 and 2022.
In the same time period, USD4.3 billion in foreign direct investments (FDIs) in the manufacturing sector entered the country.
Lopez went on to say that employment in the sector was 3.66 million in April 2022, up from 3.65 million employees pre-pandemic in 2019.
This also meant that the jobs lost during the pandemic had been replaced.
Manufacturing employment is expected to reach 3.19 million by 2020.
Manufacturing output is on track to return to pre-pandemic levels of PHP3.6 trillion as the economy continues to revive.
According to Lopez, the industry’s output in 2021 is expected to be USD3.55 trillion.
Manufacturing output in the first quarter of 2022 was PHP975 billion, the greatest output in any of the prior years’ first quarters.
“This shows that the Philippine industrial sector is ready to return to pre-pandemic trajectory once the domestic and global economies adapt better to the pandemic crisis,” he added.
According to Lopez, the Duterte government would leave with PHP500 billion in potential investments that can be realized in the following 18 months.