Board of Investments managing-director Ceferino Rodolfo said Wednesday the Philippines aims double its efforts to attract more foreign investments, with the goal of surpassing the gains of Vietnam by 2024 and Indonesia by 2026.
“This is a fighting target. We hope to hit these targets midstream of this administration,” Rodolfo, who also serves as Department of Trade and Industry undersecretary, said at the 2022 National Export Congress organized by the Philippine Exporters Confederation.
The Philippines improved its ranking in FDI generation to 4th place in the ASEAN in 2021, from 6th place six years ago.
“We actually did very well last year in terms of net FDI. It was a record breaking year for us. We did $12.4 billion, the highest on record. We bested what we were able to achieve in 2017, which was about $10.5 billion,” Rodolfo said.
The DTI is looking at being the second top spot in FDI generation by the end of the new administration
Rodolfo said the recent state visits paired with trade and investments roadshows were instrumental to getting more investments into the country.
He said the government was banking on the improving macroeconomic fundamentals to further raise direct investments into the Philippines.
One of the urgent reforms advocated by the DTI is the proposed issuance of an executive order to create a green lane for projects of national significance.
The DTI is teaming up with the Anti-Red Tape Authority to remove the choke points that lead to the delay in the permitting process.
“What we’d like to do now is that each agency should accept the application simultaneously and then we apply the ARTA- mandated guidelines on that particular transaction,” Rodolfo said.