NextGen Day

During the administration of President Ferdinand R. Marcos Jr., the Department of Trade and Investments (DTI) aims to surpass the foreign direct investment (FDI) inflows of the surrounding Association of Southeast Asian Nations (ASEAN) nations.

DTI Undersecretary Ceferino Rodolfo stated that the country’s net FDI inflows from 2020 to 2022 hit USD28 billion during a seminar on Wednesday in Taguig City.

The Philippines eclipsed the inward FDIs of Malaysia and Thailand in 2021, according to Rodolfo, who also serves as managing chair of the Board of Investments (BOI), as the nation saw record-high FDI inflows of USD10.5 billion.

Rodolfo said that the Philippines had previously been placed sixth among Southeast Asian nations in terms of FDI inflows. “We took over Malaysia and Thailand,” he remarked.

According to him, DTI Secretary Alfredo Pascual promised the President that by the middle of the Marcos administration, the United States will outperform Vietnam in terms of FDI inflows, and by 2028, it would outperform Indonesia.

With an estimated FDI influx of USD 80 billion in 2021, Singapore topped the area. Indonesia came in second with USD 20 billion and Vietnam came in third with USD 15 billion.

processing nickel

The expansion of local nickel processing and its supply chain, which also fuels FDI inflows in Indonesia, is what the top trade official is relying on.

According to Rodolfo, just from China, Indonesia has received FDIs of USD 8 billion for the processing of nickel.

According to him, the BOI is now helping a Chinese company that wants to establish a nickel processing facility in the nation.

According to Rodolfo, the Chinese company is actively looking for local partners, particularly mining firms.

“We’ll make this investment quickly. If you look at their past performance in Indonesia, you’ll see that they can ramp up all of the output in just 24 months, he continued.

According to Rodolfo, the nickel processing project is anticipated to be registered within the year after the Chinese company enters a deal with its local mining partner.

Leyte Industrial Development Estate (LIDE) is one of the areas the company is interested in for its nickel processing plant, he said.

investing generates

Out of the 216 investment leads the BOI got the previous year, 70 of them, according to Rodolfo, were followed up on and have progressed to establishing their projects in the Philippines.

36 of these leads, according to him, were already registered with the BOI, the Securities and Exchange Commission, or other investment promotion organizations.

Their initiatives cost PHP304.92 billion and produced 17,965 employees.

The BOI aims to reach PHP1.5 trillion in investment approvals this year.

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