PBBM Foreign Visits Said To Yield ₱427-B Investments

President Ferdinand R. Marcos Jr. has made foreign visits that resulted in P427 billion worth of foreign investments, with a significant portion directed toward the renewable energy sector.

The BOI recorded investment approvals of P734 billion from January to September of the current year, compared to P362 billion during the same period in 2022, marking a 102 percent increase. I Photo: Bongbong Marcos

Trade Undersecretary Ceferino Rodolfo expressed satisfaction with these investments, highlighting that the Bureau of Investments (BOI) saw a substantial increase in investment approvals.

The BOI recorded investment approvals of P734 billion from January to September of the current year, compared to P362 billion during the same period in 2022, marking a 102 percent increase.

Additionally, the Philippine Economic Zone Authority (PEZA) approved approximately P131 billion in investments from January to October 2023, representing a substantial increase of 232.45 percent from the previous year.

Rodolfo mentioned that many of the PEZA investments came from countries like Japan, China, and the United States, which President Marcos had visited in the past year, indicating a direct link between these visits and investment inflow.

The government's local reforms and preparations also played a vital role in attracting these investments, such as the removal of foreign equity restrictions on renewable energy projects and various high-level meetings hosted by the President.

Furthermore, these investments are helping the Philippines attract non-traditional investors from countries that had not previously shown strong interest in investing in the country.

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