MANILA – Department of Trade and Industry (DTI) Secretary Ramon Lopez said Monday the agency will turn over more than PHP500 billion worth of prospective investments to the next administration.
Lopez told reporters that these investment leads could be realized in the next 18 months.
“These are actual pledges already. (These are) in various stages of preparation (like) site identification, company registration, (and) IPA (investment promotion agency) application,” he said in a Viber message.
Lopez cited that these investment leads are from sectors of manufacturing, shipbuilding, agribusiness, digital infrastructure, renewable energy, information technology and business process management, and logistics.
He added that the main drivers for companies in investing in the country include the robust post-pandemic recovery and growth, market size, and young and competent workforce.
The economic reforms of the Duterte administration, particularly the Retail Trade Liberalization Act, Foreign Investments Act, and Public Service Act, were recently enacted into law, as well as the Corporate Recovery and Tax Incentives for Enterprises (CREATE) law.
Investors are also looking into the initiatives and government measures to further ease doing business in the country, and the country's ratification of the Regional Comprehensive Economic Partnership. (PNA)