Monday, April 22, 2024

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Investors’ confidence spurs bullish outlook for Phl economy

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By Marinel Peroy

Citing the ongoing trade expansion, investment promotion, business climate competitiveness, workforce upskilling, high trust and confidence in the investment climate in the Philippines, and digital transformation programs for the micro, small, and medium enterprises (MSMEs), among others, the Philippine government shares a positive economic outlook for 2024.

Trade Secretary Fred Pascual pointed out that collective efforts in the national government have indeed been the driving force behind our economic gains and will carry on the momentum for the next year.

“Despite the economic headwinds we faced this year, the overseas visits of President Marcos will drive for the potential investments and will all soon materialize and provide economic opportunities in the country,” Pascual said. 

Meanwhile, the Board of Investments (BOI) posts the highest ever recorded investment approval at PHP 1.16 trillion, of which PHP 398.76 billion or 34% of the total authorized investments account for domestic investment approvals. The approved investments are from a total of 303 projects which are expected to generate over 47,000 employment opportunities for Filipinos. 

It was also reported that the main sources of the approved investments are from Germany, the Netherlands, Singapore, and the United States.

Apart from that, the Trade Chief brags about foreign programs this year including the Investment Mission in the Netherlands, the Association of Southeast Asian Nations (ASEAN)-Japan Business Week, and the Department’s Europe Investment Roadshow. 

“The Philippines’ strategic roadmap is anchored on sustaining economic growth momentum through increasing national competitiveness and establishing the Philippines as an ideal investment hub worldwide,” he said. 

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