NextGen Day

About USD88.4 million worth of investment commitments yielded during President Ferdinand R. Marcos Jr.’s previous foreign trips are seen to materialize in 2023, Trade Secretary Alfredo Pascual said Wednesday.

“Maliit pa (It’s still small). ‘Yun lang ‘yung (That is just) up to June this year, and we expect some more to ripen and eventually live to the inflow of investments,” Pascual said in a Palace press briefing.

Pascual noted that around six companies have registered with the Board of Investments and other investment promotion agencies.

He said the six firms would contribute to the manufacturing, renewable energy and information technology, and business process management industries.

“At the yearend of our current pipelines, six companies we met during the past presidential visits are already starting their investment projects in the country,” Pascual said. “Collectively, they are expected to generate approximately 17,800 direct employment.”

Pascual stressed that while some investment leads may take longer to materialize, the Department of Trade and Industry (DTI) continues facilitating investment implementation and addressing any obstacles.

He assured the public that DTI has mechanisms to monitor and evaluate the progress of investment leads from Marcos’ foreign trips.

“We ensure transparency and accountability, although we cannot always disclose the names of specific companies that we deal with due to confidentiality demanded by private companies, which are subject to competitive pressures,” Pascual said.

“The DTI remains committed to developing an enabling environment that thrusts and supports investments. We exert promotional efforts to build and maintain a robust pipeline of respective businesses that will sustain the inflow of investments into our country over time,” he added.

Pascual said the Marcos administration is working hard to ensure the eventual implementation of all investment leads expected to create “more stable and better-paying” jobs for Filipinos.

He said the government is promoting investment and selling the country to attract more investments.

“We must nurture the build-up of diverse investments to ensure a thriving economy that’s growing for our growing population,” Pascual said.

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