DTI intensifies investment facilitation

MANILA, Philippines — The Department of Trade and Industry (DTI) is intensifying its investment facilitation activities to help sustain the strong economic growth recorded last year.

Trade Secretary Alfredo Pascual attributed the 7.6 percent gross domestic product (GDP) growth in 2022 to the government’s sustained economic recovery efforts as well as its continuous investment facilitation.

“This annual GDP growth can be attributed to the contributions of various industries, especially wholesale and retail, as well as manufacturing. This serves as a testament to the efficiency of our efforts to facilitate the entry of more investments in the country and our industrialization strategy that aims to empower local industries and increase our global competitiveness,” Pascual said.

According to the Philippine Statistics Authority (PSA), the top contributors were construction at 12.7 percent; wholesale and retail trade, repair of motor vehicles and motorcycles at 8.7 percent, as well as manufacturing at five percent.

“We are keen to sustain this growth, that is why we are intensifying DTI’s investment facilitation activities. During President Ferdinand Marcos Jr.’s previous state visits, we have managed to meet several potential investors, some of them are already in active discussions with our Philippine Trade and Industry Centers abroad or the Board of Investments,” Pascual said.

“Our GDP will continue to grow as more and more investors come to the Philippines to explore business opportunities. We keep on with work on ease of doing business to attract more investors,” he added.