Gov’t intensifies follow-up to multibillion investment pledges | Inquirer Business

Gov’t intensifies follow-up to multibillion investment pledges

By: - Reporter / @zacariansINQ
/ 12:34 PM February 26, 2023


MANILA, Philippines — The national government is intensifying its efforts to follow-up on investment pledges, according to the Department of Trade and Industry (DTI) on Sunday.

According to the DTI in a statement from the Office of the President, this is in accordance with President Ferdinand “Bongbong” Marcos Jr.’s order to ensure that other countries who committed to investing in the Philippines will push through with their plans.


“Ang mga nakuha nating investment pledges ay napakarami at hindi tayo nagtatapos doon. Ang gagawin natin, ay pa-follow up natin yan para matuloy,” said DTI Sec. Alfredo Pascual.

(The investment pledges we have obtained are numerous and we do not end there. What we will do is we will follow up on it to bear fruit.)


“Ang marching order ni Pangulo ay pag ibayuhin ang pagpa-follow up para masigurado yung investment ay maisasagawa nung mga nangako na magpapadala dito o yung mga maglalagay ng investment sa ating bansa,” he added.

(The President’s marching order is to extend the follow-up to ensure that the investment can be carried out by those who promised to send it here or those who will invest in our country.)

Citing a report both from the DTI and the Office of the Presidential Assistant on Investment and Economic Affairs, Pascual said the government has $4.349 billion or P239 billion worth of secured investment projects that are now undergoing the implementation stage.

On the other hand, a total of $28.863 billion or P1.5 trillion worth of investment projects are now in the planning stages.

He added that the government currently has $29.712 billion or P1.7 trillion secured investment pledges in the form of Memoranda of Understanding (MOU) and Letters of Intent (LOI).

Further, Pascual said Marcos was able to secure a total of P3.48 trillion or approximately $62.926 billion from his trip to China, Japan, Indonesia, Thailand, Singapore, the United States and Belgium.

As of Feb. 9, DTI-Board of Investments has approved around P414.3 billion total investment projects.


Gov’t to ensure ease in doing business

Meanwhile, apart from the investment pledges, Pascual in the same statement vowed that the national government would ensure that international investors would experience ease in doing business in the country.

“Ang gagawin natin ay sisiguraduhin natin na yung enabling environment ay maayos yung mga kailangang magawa ng mabilis [tulad ng] pagkuha ng permit, pagkuha ng mga lisensya ay mapabilis. Dahil yang mga ganyan kapag may delay dyan nakaka turn off [sa] mga investor natin so kailangan natin yang maayos,” Pascual said.

(What we will do is we will make sure that the enabling environment is in order, those that need to be done quickly [such as] obtaining permits, obtaining licenses will be expedited. Because not doing so would cause a delay, which results in our investors turning off, so we need to fix it.)

“Mas lalo na dun sa time na ini-implemento na yung mga produkto sa construction dapat walang delay ano. Pagpapasok dito ng mga imported equipment kailangang mabilis din na mapapalabas sa ating pier ng Bureau of Customs,” he added.

(Especially at the time when the construction products are being implemented, there should be no delay. Entry of imported equipment must also be quickly released from our pier by the Bureau of Customs.)


Marcos back from Japan: ‘We carry with us over $13B in contributions, pledges’

Marcos foreign trips generate P3.48 trillion in investment pledges

Marcos Jr.’s trips yield $23.6B in investment pledges

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TAGS: Alfredo Pascual, Board of Investments (BOI), Bongbong Marcos, Department of Trade and Industry (DTI), Office of the President
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