Monday, March 4, 2024

PBBM Foreign Trips Pay Off As USD14.2 Billion Pledges Now Working

PBBM Foreign Trips Pay Off As USD14.2 Billion Pledges Now Working

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Around USD14.2 billion worth of investment commitments from President Ferdinand R. Marcos Jr.’s foreign trips in the past 16 months have begun turning up as of December 2023, the Department of Trade and Industry (DTI) reported Sunday.

DTI said the investments came from 46 projects that are already operating or have registered with investment promotion agencies.

“Our dedication to turning investment pledges into reality is unwavering. We also leverage each presidential visit as a springboard for building up a pipeline of investment opportunities and making the Philippines as investment destination of choice,” Trade Secretary Alfredo Pascual said in a statement.

DTI noted that 16 of the projects are in the manufacturing sector, 10 are information technology and business process management (ITBPM) projects, and nine are renewable energy.

Japan and the United States are the largest sources of the investments, with 21 and 13 projects, respectively.

“Foreign investors are still conducting pre-implementation and planning activities in their respective countries for the remaining 102 projects involving USD58 billion investment pledges,” the DTI said.

The DTI added that its establishment of the One-Stop Action Center for Strategic Investments (OSAC-SI) helped accelerate the investments of foreign pledges.

OSAC-SI issues endorsement for green lane treatment to investments with a big impact on the economy, domestic industries and employment.

With the endorsement, all national government agencies and local government units have to facilitate and fast-track the processes of business permitting, licensing, and other documents related to their investments in the country.

DTI said the OSAC-SI has granted green lane certification to 41 projects, 20 of which submitted their investment commitments during the foreign trips of Marcos. (PNA)