Outgoing Trade Secretary Ramon Lopez encouraged the incoming administration to sustain and level-up annual foreign direct investments at $9.1 billion or more.
“There’s a big improvement in our annual FDI. This signified great confidence in the current administration. FDI grew almost thrice since the past administration,” Lopez said over the weekend.
The Department of Trade and Industry said that from sixth place in previous years, the Philippines now ranks 4th highest in Southeast Asia in terms of FDI generation.
It identified several investment leads that will be passed on to the next administration including a proposed drone system manufacturing; investments in electric vehicle infrastructures; manufacturing of green batteries for EVs; leads in shipbuilding as the Philippines concluded the negotiations for the take-over by Cerberus of the Hanjin Shipyard in Subic and another investment by OCEA shipyard; and new IT and business process management investments.
The DTI also met with New York-based Anthem Inc. during the Philippine investment mission to the US in May 2020. Anthem is an American insurance firm interested to set-up its ITBPM operations in the Philippines.
“It is important that we keep and expand the number of investors in the country. More investments mean faster economic recovery,” Lopez said.
He said several leather goods and wearable manufacturers also relocated to the Philippines amid geopolitical uncertainties spurred by the Russia-Ukraine war.
Lopez underscored the presence of state-of-the-art facilities in designated economic zones for wearables and apparels that could be helpful in supporting these companies to increase loads and accept more offers for export.
Among the famous brands manufactured in the Philippines are Coach and Louis Vuitton products and well-known sports brands.