DTI doubles efforts in attracting FDIs

The Department of Trade and Industry has vowed to double efforts in attracting foreign direct investments, as FDI inflows last year ballooned to $1.048 billion largely on account of state visits overseas by President Ferdinand R. Marcos Jr., with Trade and Industry Secretary Fred Pascual and other Cabinet officials in tow.

The DTI said based on Bangko Sentral ng Pilipinas data, FDIs that entered the country across various sectors made a significant impact on the reduction in the unemployment rate last year.

BSP data reveal that from January to November 2023, manufacturing led in gross placements of equity capital with 50 percent, followed by real estate (15 percent) and financial and insurance (12 percent).

Inflows surge

FDI net inflows surged by 27.8 percent year-on-year to $1.048 billion in November 2023, up from $820 million recorded in November 2022.

“Indeed, we are making it happen in the Philippines. The pipeline of projects initiated during President Marcos Jr.’s presidential visits, along with the goodwill fostered, is starting to yield tangible results, as shown by the latest FDI report from the BSP,” said Pascual who also sits as chairman of the Board of Investments.

“From January to November last year, we observed a substantial rise in FDIs in manufacturing and a significant surge in FDIs originating from Germany,” he said.

During the first 11 months of the year, Japan ($667.58 million), Singapore ($158.88 million), Germany ($149.80 million), and the United States ($110.8 million) emerged as primary sources of equity capital placements.