The Department of Trade and Industry (DTI) has approved 1,090 projects valued at PhP 2.73 trillion covering July 2022 to May 2024.
According to DTI, the projects are indicative of high investor confidence and favorable investment climate in the country under the administration of President Ferdinand R. Marcos Jr.
The report was contained in DTI’s executive summary forwarded to the Office of the President early this month.
It said the approvals are projected to create 181,816 employment opportunities for Filipinos.
To further enhance the investment climate, the Marcos government is accelerating infrastructure development through the Public-Private Partnership (PPP) Center.
The PPP Center bared 134 projects in the pipeline, totaling Php3.03 trillion.
The DTI said President Marcos’ presidential and official trips created investment leads amounting to US$69.43 billion from July 2022 to June 2024. They are projected to generate 224,735 jobs in the country.
Despite the global economic challenges, the Philippines exhibited its resilience and potential for investments by achieving a robust 5.8 percent economic growth in the first quarter of the year.
“This growth rate surpassed that of our Southeast Asian neighbors, including Vietnam, Indonesia, Malaysia, and Singapore. The growth was broad-based, with all significant production sectors experiencing positive growth,” the DTI said.
The positive growth can be attributed to the expanding industry sector and manufacturing subsectors, which experienced 5.1 percent and 4.5 percent growth, respectively.
Government efforts to support the labor sector are yielding positive results. March unemployment rate decreased to 3.9 percent compared to 4.7 percent in the same period last year. The decline indicates that more Filipinos are finding employment and contributing to the country’s economic growth.
To further boost the Philippines’ global competitiveness, the government passed two laws — the Tatak Pinoy Act and the Internet Transactions Act.
The Tatak Pinoy Act seeks to enhance the Philippines’ industrialization strategy by improving the productivity and competitiveness of local industries in the global market.
The Internet Transactions Act and its associated regulations, on the other hand, provide a comprehensive framework for the regulation of e-commerce in the Philippines. PND
