NextGen Day

Department of Trade and Industry (DTI) Secretary Alfredo Pascual announced on Monday that the agency’s recent three-week investment roadshow in Europe had yielded potential investments worth PHP73 billion.

Speaking to trade reporters in Makati City, Pascual revealed that out of the 48 projects presented to the DTI during their European tour, 16 projects had generated positive investment leads.

These investment leads include six projects in the renewable energy (RE) sector, six in the information technology-business process management (IT-BPM) industry, two in manufacturing, one infrastructure-related project, and one acquisition project.

The DTI clarified that positive investment leads already have a project value.

Additionally, European companies have expressed interest in 32 other projects in the Philippines, although specific investment amounts have not been determined yet.

Pascual attributed the heightened interest of European firms in doing business in the Philippines to President Ferdinand R. Marcos Jr.’s visit to Europe last year.

“We have successfully positioned the Philippines as an ideal investment destination for European companies,” Pascual stated.

The Philippine delegation visited France, the United Kingdom, Belgium, the Netherlands, and Germany from June 18 to July 6 as part of the Europe Investment Roadshow.

Pascual emphasized that European companies view the Philippines as a strategic location for their investments in Southeast Asia, citing the country’s large population and abundant natural resources.

Initially, European firms considered the Philippines for manufacturing projects due to the lower cost of production and labor. However, they are now exploring the country for research and development (R&D) investments, leveraging the availability of talented engineers and professionals in high-tech industries.

Furthermore, Pascual highlighted that the DTI had addressed the concerns of European firms, particularly regarding the ease of doing business and the supply chain, thereby boosting their confidence to expand their operations in the country.

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