IT-BPM, renewable energy considered potential targets for Spanish investors

THE Department of Trade and Industry (DTI) said it considers information technology (IT), renewable energy (RE), green metals, manufacturing, and agro-logistics to be potential targets for investment by Spanish companies.

“Given the Philippine government’s ongoing economic reforms and sustained efforts to enhance the country’s investment climate, the Trade Secretary invited Spanish businesses to explore growth and investment opportunities in the Philippines,” the DTI said in a statement on Monday.

Secretary Alfredo E. Pascual pitched public-private partnership projects as well as the business process management (BPM) industry, apart from the aforementioned sectors.

Mr. Pascual said that Spain is major trade and investment partner, with bilateral trade totaling $1.2 billion in 2022.

“Secretary Pascual also expressed the Philippines’ desire to increase its exports to Spain, particularly electronic equipment, tuna, bananas, and pineapples, crude coconut oil, and static converters,” the DTI said.

Mr. Pascual met with Spanish Minister of Economy, Trade, and Business Carlos Cuerpo Caballero on the sidelines of the World Trade Organization’s 13th Ministerial Conference.

“We are optimistic that our deepened collaboration in trade and investment … will create a more open, transparent, and inclusive global trade environment for both the Philippines and Spain,” Mr. Pascual said.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said that the investments being solicited by Mr. Pascual are those most needed by the economy.