Marcos Jr.’s Foreign Trips Yield $23.6 Billion In Investment Pledges

The Office of the Press Secretary (OPS) said President Ferdinand Marcos Jr.’s recent foreign trips to Indonesia, the United States, Singapore, Cambodia, and Thailand have yielded $23.6 billion in investment pledges, citing the Department of Trade and Industry (DTI) year-end accomplishment report.

“This is as the administration gears toward aggressively attracting more foreign businesses to come to the Philippines,” the OPS said.

The DTI Board of Investments and the Philippine Economic Zone Authority (Peza) obtained a combined approved investment of ₱402 billion which could produce 54,217 local jobs, according to DTI.

Under the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act, the BOI had ₱46.7 billion approved projects and 1,994 investors wanting to do business in the country.

Malacañang said the BOI also generated 90 foreign investment leads with an estimated value of ₱204.9 billion that could create 98,393 local jobs.

The DTI also reported $17.7 billion worth of exports in services, reaching 13.5% from the previous records, and had assisted 3,922 exporters.

The Philippines also recorded 58.3% billion exports in goods, which grew by 4.7%

“The department indicated that the country’s investment and exports are expected to rebound next year as a result of the passage of the Public Service Act (PSA) and CREATE Act,” the OPS said.

Source: Inquirer.net