DTI targets 20% hike in FDIs next year

MANILA, Philippines - The Department of Trade and Industry (DTI) is a 20-percent rise in foreign direct investments (FDIs) to the country next year amid increasing interest from foreign firms to do business here.

Trade Secretary Gregory Domingo told reporters yesterday the DTI is aiming for a 20-percent increase in FDIs on an annual basis starting next year.

For this year, he said the target is for FDIs to reach $4 billion.

FDIs have been on the rise, with investments reaching $2.8 billion last year from $1.8 billion in 2011 and $1.2 billion a year earlier.

The DTI is aiming for total FDIs to the country to increase given the growing interest from foreign companies to do business here.

“Wherever we go... what we have seen is there is a very strong interest in the Philippines. It’s almost too good to be true,” Domingo said.

He noted that as result of the government’s roadshow in Europe in October, two business missions composed of British companies have already been to the country to explore investment opportunities here.

The government conducted a roadshow in Europe as part of efforts to promote the country as an investment destination and create more jobs to support economic growth.

During the Association of Southeast Asian Nations - Japan Summit held last week, Domingo said at least eight Japanese firms expressed interest to make an investment here.

He said if the strong interest in the Philippines continues and firms actually make investments, the country can meet the FDI target set for this year.

“If the strength continues, we have a good shot of meeting $4 billion,” he said.

As of September, FDIs to the country amounted to $3.1 billion.