The Philippines has received P73-billion in investment leads during a three-week investment roadshow the country participated in across Europe.
Department of Trade and Industry (DTI) Secretary Alfredo Pascual said these investment leads were from the renewable energy and infrastructure development sectors.
"During the three-week investment roadshow that we had in Europe, I had the opportunity to witness first-hand the positive outcomes of our efforts. I am pleased to emphasize the roadshow success which has resulted, as mentioned, in 48 potential investment leads," Pascual said in a Palace briefing on Wednesday, July 12.
"Of these, 16 have explicitly indicated investment values totalling more than P73 billion, potentially generating more than 4,300 jobs – these are direct jobs," Pascual added.
The Trade Secretary said they went to five countries —France, the United Kingdom, Belgium, the Netherlands and Germany.
According to Pascual, these countries have expressed interest in investing in the Philippines.
He added that it became "very clear" that their main attraction to the Philippines includes its strategic location; the large population that can translate to a good market for them; and the young, talented and skilled workforce.
The Europe roadshow, Pascual said, has generated 48 project investment leads, with interest in manufacturing and related services such as IC design training, Information Technology and Business Process Management, and renewable and clean tech energy.
Investment pledges from foreign trips
Pascual has also addressed speculations regarding the investment leads garnered during previous foreign trips, assuring the public that DTI has mechanisms to monitor and evaluate the progress of investment leads from its previous foreign trips.
"We ensure transparency and accountability, although we cannot always disclose the names of specific companies that we deal with due to confidentiality demanded by private companies which are subject to competitive pressures," Pascual said.
The DTI chief explained that "some leads may take longer to materialize."
He further said that there is normally a series of steps in investment decisions involving foreign direct investment. These steps that must be followed include expression of the interest; decision to explore the feasibility; feasibility study; among others.
"It is essential for us to understand that investment leads are typically long-term commitments rather than immediate actions. It’s not like, you know, investing in shares listed in the stock exchange where after you show the potential of particular issue that an immediate investment decision can be made, and remittance of the investment follows, you know, the decision right away," Pascual said.
Sustained investments
The Trade official also stressed that the country needs a continuing flow of investments in order to support economic growth and the creation of jobs.
He emphasized that the country produces 800,000 college graduates a year and the government needs to find jobs for them.
"And of course, there is local capital, there is expansion of existing businesses. But these additional job-creating opportunities might not be sufficient with the new businesses and then we need to diversify our economy so that it is more resilient and could withstand shifts in the market and shifts in the global environmental situation," Pascual said.
