Roughly P500 billion (US$9.21 billion) worth of investments in different economic sectors are awaiting the Ferdinand “Bongbong” Marcos Jr. administration, outgoing Department of Trade and Industry (DTI) Secretary Ramon M. Lopez revealed on Monday (June 20).
These “actual investment pledges,” Lopez said, are expected to come to fruition in the next 18 months, which by then the projects and investments would have already been ceded to the next administration.
These investments are far wide and reaching in different industries of the Philippine economy, including agribusiness, manufacturing, digital infrastructure and information technology, services, and logistics.
The investments come at a time when the Duterte administration, in a series of legislation, has pushed for a more liberalized Philippine economy, through the Public Service Act which lets more overseas businesses have full ownership of their local operations, Retail Trade Liberalization Act, Foreign Investments Act, and CREATE Law.
Lopez cited as a factor for this large sum of investments the 110 million Filipino people that constitutes a significant consumer base, with 49 million young consumers and a strong workforce component.
Lopez also cited the country’s “robust post-pandemic economic recovery and growth” as main drivers of the Philippine economy’s projected growth.
The investment leads include the tech billionaire Elon Musk’s satellite internet service, Starlink, non-woven textiles of personal protective equipments and international sports and apparel brands for manufacturing, modern agribusiness projects and integrated dairy operations, integrated telecom and undersea broadband subsea cables, IT-business process management, investments on logistics such as marine services and transshipment operations, and many more.
With the country’s participation in regional economic free trade groups and eligibility of exports in the General System of Preferences with the European Union and the United States, Lopez said that more investments will continue to pour in.
On June 30, Lopez will be replaced by Marcos Jr. 's pick for DTI Secretary, Alfredo Pascual, who was leading the business group Management Association of the Philippines.
Marvin Joseph Ang is a news and creative writer who follows developments in politics, democracy, and popular culture. He advocates for a free press and national democracy. The views expressed are his own.
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