The Department of Trade and Industry (DTI) in the Philippines has emphasized the need for structural changes in the economy to enhance the country’s attractiveness for foreign investment. According to Trade Undersecretary Maria Blanca Kim Bernardo-Lokin, aligning with the eight-point socioeconomic agenda is crucial for this transformation. Bernardo-Lokin highlights the significance of the Philippines becoming a manufacturing hub for specific industries. She points out that upskilling the workforce and increasing investment in digitalization are essential steps toward this goal. Additionally, the DTI is working on strengthening investment strategies and improving the ease of doing business.
Executive Order (EO) 18 plays a central role in these efforts. The DTI and investment promotion agencies (IPAs) are working to reinforce this order to enhance investment flows. Ernie Delos Reyes, director for IAS and One-Stop Action Center for Strategic Investments, reported that the Board of Investments is considering approximately P930 billion in green-lane projects, which aim to streamline the permit and license application process for strategic investments. The Philippine Economic Zone Authority (PEZA) and the DTI have expressed support for the appointment of Secretary Frederick D. Go. They believe that his new office will significantly bolster investment promotion.
PEZA Director General Tereso O. Panga stated that Executive Order 49, which created the Office of the Special Assistant to the President for Investment and Economic Affairs (OSAPIEA), consolidates efforts for attracting investments and promotes the Philippines as a key investment hub in the region. President Ferdinand R. Marcos, Jr. appointed former Robinsons Land Corp. president Frederick D. Go to lead OSAPIEA in December, granting him Cabinet-level rank and chairmanship of the Economic Development Group. Trade Secretary Alfredo E. Pascual commented that having an official with coordinating powers aligns the Philippines with practices in other countries, potentially expediting the process of attracting foreign investment. Pascual notes that this move is expected to improve the ease of doing business in the Philippines, a key factor in attracting foreign direct investment.
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