Marcos Jr. foreign visits yield $23.6 billion investment pledges

MANILA, Philippines — President Marcos’ overseas trips this year have generated a total of $23.6 billion in investment pledges as the administration gears toward aggressively attracting more foreign businesses to come to the country, Malacañang said yesterday.

The investment pledges covered his visits to Indonesia, Singapore, the US, Cambodia and Thailand, the Office of the Press Secretary said in a statement, citing the Department of Trade and Industry (DTI)’s accomplishment report this year.

The President also visited Brussels, Belgium this month for the Association of Southeast Asian Nations-European Union Commemorative Summit and met with representatives of big European companies, securing P9.8 billion worth of investment pledges.

Meanwhile, the DTI’s yearend report also noted that the Board of Investments (BOI) and the Philippine Economic Zone Authority posted a combined approved investment of P402 billion, which could generate some 54,217 local jobs.

Under the Corporate Recovery and Tax Incentives for Enterprises or CREATE Act, the BOI’s approved projects as of August this year stand at P46.7 billion, with the investment board also assisting 1,994 investors wanting to do business in the country.

The BOI also generated 90 foreign investment leads with an estimated value of P204.9 billion which could entail 98,393 local jobs.

The DTI reported $17.7 billion worth of exports in services, up by 13.5 percent from the previous record, it said.

According to the agency, the country also posted $58.3-billion exports in goods, which grew by 4.7 percent. The trade department likewise assisted 3,922 exporters.

The DTI expects the country’s investment and exports to rebound next year as a result of the passage of the Public Service Act and CREATE Act.

The agency also included in its accomplishment report the approval of the 2022 Strategic Investment Priority Plan (SIPP) and guideline issuance last August through Memorandum Circular 2022-07.

The SIPP was approved by former president Rodrigo Duterte on May 24 through Memorandum Order 61, aimed at identifying industries to which the government hopes to attract investment by offering tax incentives.

In his speech after arriving from Brussels last Dec. 15, Marcos said European businesses plan to expand their operations in the Philippines.

“I am also pleased to announce that European business confidence in the Philippines is high as evidenced by the expansion plans of European companies that we met in the sectors of fast-moving consumer goods, shipbuilding, renewable energy and green metals,” the President said.

Marcos is scheduled to go on a state visit to China from Jan. 3 to 6 next year.