Trade Secretary Alfredo Pascual on Monday expressed optimism that net inflows of foreign direct investments would match, if not surpass the record $10.5 billion achieved in 2021, after declining to $9.2 billion in 2022.
Pascual, in an interview with Market Edge, underscored the Department of Trade and Industry’s and the Board of Investments’ efforts to attract P1.5 trillion worth of investments this year.
“That’s what we are aspiring for, and that’s just the BOI alone. There are other investment promotion agencies like PEZA [Philippine Economic Zone Authority], and there are other economic zones that are not under PEZA that also work to promote and welcome investments in the country. There are those that are not seeking incentives and are not looking for locations in our economic zones. Adding to this is the BPO [business process outsourcing] industry that’s also still growing,” he said.
Among the sectors attracting major investments is the renewable energy sector, particularly on solar and wind energy projects. The BOI noted an influx of investments in renewable energy projects after the government lifted the restrictions on foreign ownership.