"The shift of some investments to the country as an offshoot of the still uncontrolled Severe Acute Respiratory Syndrome (SARS) in China is just petty cash and is not the major, long-term capital that the Philippines wants," Concepcion said.
Investments of around $100 million are just "petty cash," he said.
Concepcion said big investments are still not being made primarily because foreign investors are still adopting a wait-and-see attitude.
"Major investment decision are being put off until after the next elections," he said.
Concepcion stressed government must also address the fundamental issues bothering investors which include ensuring that "laws are constant and consistent and are not being constantly changed."
Foreign investors also want the wage issue addressed where in any demand for wage adjustment is tied to productivity.
"Even if such issues are addressed, foreign investors also have other considerations, primary of which is competitive advantage and economies of scale," Concepcion said.