MANILA, Philippines — Trade Secretary Alfredo Pascual on Monday attributed the rise in foreign direct investments (FDI) flows into the Philippines to the overseas visits of President Ferdinand Marcos Jr.
In a statement released through the Palace, Pascual said the latest report from the Bangko Sentral ng Pilipinas (BSP) showed promising results. The BSP said FDI inflows in November rose by 27.8 percent.
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“The pipeline of projects initiated during President Marcos Jr.’ presidential visits, along with the goodwill fostered, is starting to yield tangible results, as shown by the latest FDI report from BSP,” said Pascual.
“From January to November last year, we observed a substantial rise in FDIs in manufacturing and a significant surge in FDIs originating from Germany,” Pascual said.
Japan, Singapore, and Germany were the Philippines’ primary sources of equity capital placements, according to the DTI.
Germany increased its investments in the Philippines to $149.80 million in January to November 2023 from $8.96 million in the same months in 2022.
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“Certainly, the presidential visits have been impactful for the Philippine economy, signaling to both local entrepreneurs and foreign investors alike the government’s commitment to fostering a conducive environment for economic prosperity. The Philippines has become a premier investment destination for foreign businesses in Asia,” Pascual said.