MANILA – The Department of Trade and Industry (DTI) soft launched on Wednesday the ‘Make It Happen in the Philippines’ campaign to invite foreign investors and choose the Philippines as their next investment destination.
DTI Secretary Ramon Lopez initially launched the campaign to investors from Australia and New Zealand.
Under the Make It Happen in the Philippines campaign, the DTI highlights five priority sectors including electronics, automotive, aerospace, copper, and information technology and business process management.
“Despite the setbacks and challenges brought about by the pandemic, the Philippines still remains a conducive place to do business. We are also considered one of the top emerging economies and countries for investments,” Lopez said.
He urged firms from Australia and New Zealand to look into opportunities in the country with its huge domestic market of 110 million population, and access to the ASEAN market of 600 million people.
The trade chief also highlighted the young workforce in the Philippines which stood at 49 million workers, and producing 750,000 graduates annually.
Lopez said the Philippines’ wage rates are among the most stable in the region.
“As a manufacturing hub, the Philippines has one of the lowest wage levels for manufacturing workers and engineers. The annual wage increase of the Philippines is steady at 4.6 percent while Vietnam is at 7 percent. These are projected to be at the same level in 2020,” he said.
He added Filipino workforce is tech-savvy and this will be critical in responding to the challenges and opportunities of the digital and interconnected economy in the new normal.
“As Australian and New Zealand companies pursue expansion strategies, they can partner with the Philippines given our excellent track record in supporting global operations of companies from all over the world,” Lopez said.
The DTI will formally launch the Make It Happen in the Philippines campaign next month.
Lopez said the campaign will replace various corporate identities being used by the country’s investment promotion agencies.
“We are confident that our new Make it Happen in the Philippines campaign will promote our country’s ‘roll-up-your-sleeves’ and ‘make-it-work’ mindset. This attitude is what makes the Philippines a unique and attractive investment landscape for strategic sectors in the Asean region for foreign investors,” he added. (PNA)