Solon welcomes approval of foreign investments

ASENIOR lawmaker on Sunday welcomed the approval of 41 foreign-funded projects by the Board of Investments (BOI), marking a positive contribution to the nation’s economic recovery.

Surigao del Norte Rep. Robert Ace S. Barbers said these projects under the Marcos administration will further boost the country’s recovering economy.

“This will spur growth in our domestic market, which really needs a boost at this point, where we are faced with recurring inflation not just locally but also globally as a result of the Ukraine war and the conflict between Israel and the Palestinian militant group Hamas,”barbers said.“this is a welcome development for all of us.”

Barbers cited reports that as of February 8 this year, the BOI has granted “green lane certification” to the projects, “a very clear sign of what more things are about to come in this administration.”

There are a total of 148 projects, of which 46 are already ongoing, leaving about 102 pending.

“We have started the ball rolling, so to speak. And all we need is to take a proactive stance by consistent follow ups so that these will all come to fruition. By then, we will be creating more jobs and generating more activities for the economy to boom even more,” Barbers said.

The senior administration lawmaker from Mindanao said the implementation of green lanes by the BOI has sparked significant interest among foreign investors, who are very eager for streamlined approval processes.

Out of the 41 projects, 20 have submitted commitments during the President’s visits or resulted from follow-through activities. The two most significant countries as investment sources are Japan with 21 projects and the US with 13 projects.

Foreign investors are currently engaged in pre-implementation and planning activities for the remaining 102 projects, involving $58 billion in investment pledges to the Marcos administration.

FDIS

MEANWHILE, the Marcos administration is making significant strides in aiding the country’s recovery from the global pandemic, boasting at least $14.2 billion in ongoing foreign direct investment (FDI) since July 2022, Speaker Ferdinand Martin G. Romualdez said on Sunday.

“Executing $14.2 billion in FDIS from the projected total of $72.2 billion is significant, and there are many more projects in the pipeline,” said Romualdez, citing government data.

“We aim to gradually enhance the economy to its full potential, so that the rising tide will lift all our boats, so to speak,” he added, referencing statistics from the Department of Trade and Industry that indicates FDIS are now at “different stages” of construction, “as recorded as of December 2023.”

He also noted that ongoing projects stemming from President Marcos’ international visits, where he has consistently highlighted that Manila is open for business and that there are plans to ease restrictive policies, now constitute 20 percent of the total pledges for the administration.

According to Romualdez, the $14.2 billion in projects have “already been actualized,” with some already “operating and/or having completed the process of registering the project with DTI’S Investment Promotion Agencies,” while others have “commenced implementation.”

These FDIS, as recorded by the DTI, cover a variety of industries, including manufacturing, IT-BPM (information technology-business process management), renewable energy, infrastructure, transport and logistics, agriculture, and retail.

Among these sectors, manufacturing has the “largest share in terms of the number of projects,” with 16 projects (equivalent to 35 percent), followed by IT-BPM with 10 projects (22 percent), and renewable energy with nine projects (20 percent).