The Philippines Is Ready for More Investments After RCEP Ratification As Per DTI Chief
Trade chief Alfredo E. Pascual stated on Friday that the Philippines is ready for more investments, especially in manufacturing and innovation, following the extent of economic activities in the Regional Comprehensive Economic Partnership (RCEP) region.
The Department of Trade and Industry (DTI) secretary discussed that the RCEP region counts in several fields. They include 50%of the global manufacturing output, 50% of global automotive, 70% of electronic products, and China, South Korea, and Japan’s leading global value chain (GVC) hubs.
Pascual noted, “Given this extent of economic activities, there are a lot of opportunities that foreign investors and local businesses can seize, explore, and develop, especially in the manufacturing sector and innovation. We want to Make it Happen in the Philippines, and we are ready.”
Pascual added, “As we set to participate in the largest free trade bloc, investors should know that there is enough space and vast opportunities in the country.” As such, the DTI secretary pitched that there are more investment opportunities in the country that investors can explore.
Furthermore, Pascual explained that the country “has the necessary foundation to support a robust innovation ecosystem, from a strong intellectual property regime, the passage of the Philippine Innovation Act and Innovative Start Up Act, establishment of Regional Inclusive Innovation Centers (RIICs), and a number of Innovation and Technology Support Offices (ITSOs) around the country.”
Pascual is also confident that the Philippines has a clear and stable trade and investment policy direction, which owes to the country’s participation in the mega trade pact following the recent key economic reforms.
Moreover, Pascual cited that the Philippines has to entice additional investments in green technologies, energy, logistics, smart agriculture, and information technology as the country becomes an innovation hub.
On February 23, Pascual, who also chairs the Board of Investments (BOI), revised the agency’s 2023 investment registration target. He raised the target from ₱1 trillion to ₱1.5 trillion following the recorded investment approvals in January 2023.
