DEPARTMENT of Trade and Industry (DTI) Secretary Ramon Lopez announced on Tuesday that investments in manufacturing surged by 244 percent, posting a record of $1.15 billion inflows.
“The figures account for 35 percent of the $3.3 billion equity capital placements in 2017,” said Lopez.
The statement was released following the report on the 2017 net foreign direct investments (FDI), which hit an all-time high of $10.1 billion.
Based on the data by the Bangko Sentral ng Pilipinas (BSP), the country’s investment inflows surpassed the expectations to expand by 21 percent, over the $8.3 billion recorded in 2016.
Over 21 industries received FDI inflows. One-third of the total equity placements were attracted to manufacturing industry.
Meanwhile, other industries which received bulk of total inflows include gas, steam and air conditioning supply; real estate; construction; and, wholesale and retail trade activities.
Lopez said the manufacturing industry has been delivering on its promise to be a pillar of economic growth in the country.
Since 2012, DTI has intensified its campaign and link-in efforts of both government and private sectors to revitalize the manufacturing industry.
“It is a highly viable investment area and a source of meaningful and well-paying jobs for the people,” he added.
Food manufacturing, as well as production of radio, television, and communication equipment and apparatus; chemical and non-chemical products; fabricated metal products; basic metal and non-metallic mineral products, have been identified as vibrant manufacturing sectors.
Top sources of foreign equity investments are Singapore, Japan, The Netherlands, United States, and Luxembourg.
“Investor confidence is real. The Philippines continues to be a magnet for investments, and this is due to the country’s improving business environment, sound macroeconomic policy, political stability, favorable demographics, and of course, our people, who have always been the country’s prime asset in attracting foreign investments,” Lopez concluded. (PR)