Around USD 88.4 million worth of investment yielded from Ferdinand "Bongbong" Marcos Jr.'s foreign trips is expected to materialize this year, Department of Trade Industry (DTI) Secretary Alfredo Pascual said on Wednesday, July 12.
"Ang nag-materialize na, the number that we expect to materialize in 2023 will total around $88 million,” Pascual said in a Palace press briefing.
"Maliit pa. 'Yun lang 'yung up to June this year, and we expect some more to ripen and eventually live to the inflow of investments," he added.
Pascual stated that around six companies have already registered with the Board of Investments and other investment promotion agencies as these firms would contribute to the Philippines' manufacturing, renewable energy, and IT-BPM industries.
"At the yearend of our current pipelines, six companies we met during the past presidential visits are already starting their investment projects in the country," he said.
"Collectively, they are expected to generate approximately 17,800 direct employments," Pascual added.
The DTI chief noted that while some investment leads may take longer to materialize, the DTI exerts continuing efforts to facilitate investment implementation and address any obstacles.
He reassured mechanisms to monitor and evaluate the progress of investment leads from Marcos' previous foreign trips.
"We ensure transparency and accountability, although we cannot always disclose the names of specific companies that we deal with due to confidentiality demanded by private companies which are subject to competitive pressures," the DTI Secretary said.
"While some leads may take longer to materialize, we exert continuing efforts to facilitate investment implementation and address any attendant obstacles," he added.
