The Department of Trade and Industry (DTI) said Wednesday the upcoming trilateral economic ministers meeting among the Philippines, Japan and the United States will support more investments in the country.
The meeting in Washington D.C. on April 11, 2024 will bring together US Commerce Secretary Gina Raimondo, Japan’s METI Minister Ken Saito and DTI Secretary Alfredo Pascual to explore new trade and investment avenues that promise to generate business, create jobs and foster sustainability.
Pascual said the DTI remains focused on further attracting significant investments in essential sectors and other high-growth industries. By bolstering these foundational industries, the Philippines can create a more robust and resilient economy, he said.
The agency said past engagements, including Raimondo’s successful trade and investment mission to the Philippines and discussions during the ASEAN-Japan Economic Co-Creation Forum, set the stage for future collaborations. These efforts underscore the robust economic ties among the three countries.
Under the leadership of President Marcos Jr., the Philippines is keen on enhancing its investment climate.
The upcoming trilateral meeting is expected to unlock further trade and investment opportunities in line with the government’s objectives to improve infrastructure, upskill workers, ensure environmental sustainability and invigorate the private sector with meaningful initiatives, the DTI said.
The DTI also highlighted the positive trend in FDIs in January 2024, based on data from the Bangko Sentral ng Pilipinas (BSP).
Data showed that net inflows reached $907 million, reflecting an 89.9-percent growth compared to $478 million in January 2023. This increase was driven in part by investments in the manufacturing, real estate, construction and wholesale and retail trade sectors.
This marked the third consecutive month of expansion, following growth of 28 percent in November and 30 percent in December.
“The surge in FDIs reflects the unwavering confidence and steadfast trust the global business community places in the Philippines’ economic potential,” said Pascual.
“This only strengthens our commitment to further improve the country’s business environment to attract even more foreign investments, which in turn will create more jobs and sustain our economic growth. In particular, we are leveraging our strengths across key sectors such as manufacturing, real estate, construction, and wholesale and retail trade,” he said.