BOI Raises ₱25M in Investments From Swiss Promotion Drive

The Board of Investments (BOI) has estimated the initial investments from the recent promotion drive in Switzerland to be around $24.7 million.

Trade and Industry Undersecretary Ceferino S. Rodolfo, who also functions as the BOI managing head, has stated that these potential investments can generate over 475 new jobs for Filipino citizens. Undersecretary Rodolfo had met Swiss firms Glencore, OVD Kinegram, Naturloop, Sateco AG in the last promotion drive.

“Things are looking up for the Philippines as more Swiss firms have expressed their interest in investing in the country during the investment mission to Switzerland,”  mentioned Rodolfo.

Business meetings were likewise held by the Philippine Trade Investment Center (PTIC) and the BOI in Switzerland.

“With no less than the President as the country’s number one salesperson in pitching the Philippines, the country’s improved business climate continues to soar high as several multinational companies ramp up their interests in setting up businesses in the country along with existing firms expanding their investment portfolios,”  added Rodolfo.

Back in 2017 up to Q3 of 2022, the approval of Swiss investments of the Philippines’ investment promotion agencies (IPA) had hit ₱1.4 billion. Noteworthy Swiss investments approved by the BOI include those from CPW, Avaloq, and Nestle.

In 2021, the Philippines was ranked as the 26th largest trading partner of Switzerland out of 224, the 17th biggest export market, and the 29th largest import supplier. The exports of the Philippines to Switzerland increased in 2021 to 17.3% as it shipped over $528.2 million.

Source: Manila Bulletin