Speaker Ferdinand Martin Romualdez on Friday said the surge in investment pledges in the first half of the year is a clear vote of confidence in the potential of the Philippine economy, and validates the soundness of President Ferdinand R. Marcos Jr.’s economic and fiscal policies.
On Tuesday, the Board of Investments (BOI) reported that investment approvals from January to June 2023 registered a total of PHP698 billion, which is 203 percent higher than approved investments of PHP230 billion in the same period last year.
These investment pledges came from 155 projects, which are expected to create 29,965 new jobs in the country.
“It is a clear vote of confidence in the Philippine economy’s potential and prospects and affirms the soundness of the economic and fiscal policies of President Marcos geared towards the attainment of his vision to bring our country to upper-middle income status by 2025,” Romualdez said in a press statement.
“Likewise, this development signals that the world is responding positively to the President’s vigorous campaign to promote the Philippines as a prime destination for investment and a recognition of our steadfast pursuit of sustainable and inclusive growth,” he said.
He also cited the statement of Department of Trade Secretary Alfredo Pascual who said that “the Philippines is poised to become Asia’s premier investment destination.”
However, Romualdez said it is incumbent upon the government to capitalize on this positive momentum to ensure that these pledges translate to actual investments and ultimately provide tangible benefits to the Filipino people.
“We must continue to work hand in hand with the private sector to create an enabling environment that fosters job creation, economic diversification and innovation,” Romualdez said.
He reassured that the House of Representatives is fully committed to prioritizing legislation geared toward the realization of the President’s vision to greatly improve the Philippine economy, reduce the prices of everyday commodities, and increase the purchasing power of every Filipino.
Earlier, Romualdez vowed swift action from the House of Representatives by the start of the 2nd Regular Session of the 19th Congress to pass the new set of priority bills agreed upon by the Legislative Executive Development Advisory Council (LEDAC) before the year ends.
The House approved 33 out of the 42 priority measures of the Marcos administration by the end of the 1st Regular Session of the 19th Congress.
“It is through collaborative efforts between the legislative and executive branches that we can solidify the Philippines’ position as a preferred investment destination in the region,” Romualdez said.
Meanwhile, according to the BOI report, the 155 projects involved in the investment pledges were also 43 percent higher compared to the 106 recorded in January-June 2022.
It said the total of 29,965 jobs to be generated if all pledges materialize is 96 percent higher year-on-year.
German firms committed to invest PHP393 billion, followed by those from Singapore (PHP16.8 billion), the Netherlands (PHP3.57 billion), France (PHP2.04 billion), and the United States (PHP1.9 billion).
The Western Visayas (Region 6) will benefit the most with PHP306 billion in planned investments. Calabarzon (Cavite, Laguna, Batangas, Rizal and Quezon) is next with PHP164 million, followed by Ilocos (PHP55.5 billion), Central Luzon (PHP28.7 billion) and Metro Manila (PHP25.6 billion).
About 76.83 percent of the investment approvals involve renewable energy with 30 solar, wind and biomass projects worth PHP536.5 billion. Eight information and technology projects, meanwhile, account for PHP95.5 billion of the total.
The first half of the year’s momentum, according to BOI, puts the agency on track to meeting this year’s investment approval target of PHP1.5 trillion. (PNA)
