TAGUIG CITY–On November 24, 2023, Department of Trade and Industry (DTI) Secretary Fred Pascual underscored the Philippines' robust economic growth, positioning the country as an ideal investment destination during the Philippines and United Arab Emirates Forum and Networking held at the Shangri-La Hotel, Bonifacio Global City.
He emphasized the country’s remarkable economic strides and investor-focused initiatives aimed to present the country as a strong contender in the global market.
Highlighting the significance of foreign investments in advancing the country’s economy, Secretary Pascual stressed, “The Philippines is moving toward robust economic expansion. Vital to our government's efforts is engaging investors — like many of you — so we encourage you to consider and find the Philippines a place where your businesses can grow and thrive.”
The DTI chief emphasized that under President Ferdinand R. Marcos Jr.'s leadership, the Philippines is poised to transition to an investment-led economy that will generate higher quality and better-paying jobs for Filipinos. He also outlined the current administration’s whole-of-government approach to streamline foreign investments in the country. The trade and industry chief also underscored the increase in the country’s Foreign Direct Investment (FDI). He cited projections from the Bangko Sentral ng Pilipinas (BSP) of an anticipated FDI net inflow of USD 9 billion in 2023. He further discussed that the surge in FDI is projected to escalate to approximately USD 11 billion by 2024, indicating the country's attractiveness to foreign investors.
The DTI Secretary also shared the Board of Investments (BOI) recording of P1.07 trillion in investment approvals from both local and foreign resources from January to October 2023, marking an 86% increase compared to the P576 billion in the same period last year.
Addressing future collaborations, the trade and industry chief announced the upcoming visit of President Ferdinand R. Marcos Jr. to the UAE in December, with the goal of strengthening ties between the two nations. He stated that President Marcos' visit will underscore the Philippines' commitment to addressing global challenges, particularly climate change to pave the way for sustainable and resilient economic cooperation.
Also during the forum, the DTI chief, Minister Al Zeyoudi, and Minister Al Sayegh witnessed the signing of two Memoranda of Understanding (MOU) between the Federation of UAE Chambers of Commerce and Industry (FCCI) and the Philippine Chamber of Commerce and Industry (PCCI). The MOUs were signed by FCCI's Vice Chairman, Abdulla Sultan Al Owais, and PCCI's President, George Barcelon, following a strengthened desire of the private sector to pursue business opportunities in the country.
Emphasizing the vast partnership opportunities between Filipino and UAE companies, Secretary Pascual stressed, “The potential for collaboration between Filipino and UAE companies is immense, and we eagerly anticipate the fruitful partnerships that can emerge from our shared efforts. Together, we can make it happen in the Philippines—fostering growth, innovation, and prosperity for both our nations.” PR