DTI: Philippines to generate $88-B in foreign investments this year from Marcos trips

MANILA, Philippines — The Trade department said President Ferdinand Marcos Jr.’s trips abroad bore fruit by generating investments.

In a briefing on Wednesday, the Department of Trade and Industry’s data revealed that investments generated from the trips would hit a total estimated $88 million this year. The data only covered the haul in the first half of 2023. 

The data release came months after questions cropped up surrounding the president’s foreign trips. These trips, packaged by the administration to drum up investment interests, among others, are shouldered by taxpayers. 

The Philippine president hit the ground running when stepped into Malacañang, taking eight trips abroad in his first seven months in office. That said, these investments are crucial in generating jobs around the country. 

“We expect some more to ripen and lead to an inflow of investments,” said DTI Sec. Alfredo Pascual.  

The DTI indicate that the amount represented six businesses that registered with the country’s Board of Investments and other investment promotion agencies.

The trade chief added they were able to build a pipeline that could generate around $70 billion in investments. 

That said, data from the Bangko Sentral ng Pilipinas showed the inflow of foreign direct investments was pared by 18% in the first four months to $2.92 billion over concerns of a global economic slowdown driven by rising inflation. — Ramon Royandoyan