DTI reports P4 trillion or $72.178b consolidated, processed investments from Marcos' foreign trips
The trade department reported P4.019 trillion (based on Dec. 22 BSP rate) or $72.178 billion worth of investments in various investment stages as a result of President Ferdinand Marcos Jr.’s foreign visits.
The Department of Trade and Industry (DTI) said the P4 trillion investment value is comprised of 148 projects, according to its December 21, 2023 monitoring of consolidated and processed investments.
The DTI described those investments as business, investment promotion agency (IPA) registered with operations ($205.53M or P11.4b), Business/IPA registered ($983.21m or P54.75b) IPA registration in progress operations ($5.079b or P282.8b), signed agreement with clear financial project value ($9.771b or P544.152b), signed memorandum of understanding/letter of intent (MOU/LOI) ($28.529b or P1.588 trillion) and confirmed investment not covered by MOUs/LOIs and still in the planning stage ($27.345b or P1.522 trillion).
The DTI said it is also monitoring 20 projects which have been greenlighted and registered with the IPAs of the DTI, Board of Investments (BOI) and the Philippine Economic Zone Authority (PEZA).
These investments, realized and in the pipeline, are in the mostly in the sectors of manufacturing, IT-BPM, renewable energy, data centers and telecommunications, the trade department said.
It added that the business engagements during the President’s visit to Japan for the ASEAN-Japan Commemorative Summit were added in the monitoring, adding $263.08 million or P14b to the total value and nine investments to the total number of projects.
The DTI reported that there were three signed agreements with clear financial project value worth $85.07 million, and six MOU/LOI valued at $178.01 million.
In DTI’s December 14 update, it said the presidential visit to the United States for the Asia-Pacific Economic Cooperation (APEC) Leaders’ Meeting in San Francisco was added in its monitoring, adding $672.3 million (or 37.2 billion) to the total value and six to the total project.
These include $400 million (P2.2 billion) investment in telecommunications, $2 million (P110 million), artificial intelligence (AI); $250 million (P13 billion), manufacturing; $20 million (P1.1 billion), health sciences/pharma manufacturing/health services; $300,000 (P16 million), energy; and an undisclosed amount for another investment in health sciences/pharma manufacturing/health services.
Those projects are composed of signed agreements with clear financial value and MOU/LOI. Presidential News Desk
