The Department of Finance (DOF) has revealed that the recent overseas roadshows under the Marcos administration have resulted in investment commitments surpassing P2 trillion.
According to a Manila Bulletin report, the DOF announced that the government has successfully secured a total of P2.2 trillion in investment commitments from various nations subsequent to the Philippine economic briefings.
Singapore and Indonesia stand out as major contributors, pledging an impressive P800 billion, while the United States, Germany, and the United Kingdom also made significant contributions with P229 billion, P157 billion, and P293.1 million respectively.
Additionally, the Marcos administration secured a substantial P708.2 billion from Japan and received approval for P3.8 billion in foreign investments from other sources.
The DOF highlighted another accomplishment, securing $600 million in infrastructure investment pledges.
In addition to the financial commitments, investors gained invaluable insights into the Philippines’ macroeconomic strengths, performance, reforms, and policy environment during the international dialogues.
Finance Secretary Benjamin Diokno emphasized the importance of direct engagement with top-level investors, stating, “Personally engaging with top level investors increases the Philippines’ visibility in the international arena, especially in untapped markets.”
“Establishing bilateral economic relations is in line with the President’s call to form strategic alliances with the international community,” he added.
Diokno bared that these targeted briefings on the country’s priority areas and latest policies with the international community play a vital role in enhancing the investment climate.
Moreover, he highlighted that international fund managers, investment houses, and fixed-income investors are particularly keen on understanding the Philippines’ credit story, growth outlook, and priority investment sectors.
As the head of the economic team, Diokno stressed the significance of conducting regular and targeted briefings to keep global investors and partners well-informed about the country’s priority areas and latest policy directions, ultimately improving the investment climate.
Further, the DOF noted that the government’s emphasis on the Philippines’ core strengths, such as a young highly-skilled workforce and an enhanced investment environment, has successfully attracted foreign direct investments into the country.
Engagements in Japan and the Middle East prompted timely policy reviews and adjustments in response to issues concerning value-added tax exemptions, refund claims, fiscal incentives under the CREATE Act, and double taxation avoidance.
“We should take advantage of this time now that the pandemic is over. We will continue with these targeted economic missions and establish bilateral ties to support our agenda for prosperity for a future-proof and sustainable economy,” Diokno concluded.
