The soaring number of inbound investment missions facilitated by the Department of Trade and Industry-Board of Investments (DTI-BOI) shows the strong investor confidence in the Philippines.
“The DTI-BOI recorded a total of 363 companies and organizations inbound missions in the country for the first semester of this year,” DTI Undersecretary Ponciano C. Manalo, Jr. said.
This includes 95 individual company and agency visits, and 18 multi-company and delegation missions, representing 268 companies and organizations.
Manalo noted this is already 71.3 percent of last year’s recorded inbound visits in the country.
“In these missions, there is notably increased interest from European countries, and sustained interest from the USA,” Manalo said.
The USA topped the country origin of these visits for the first semester of 2013. It is followed by Japan, India, Australia, and Malaysia.
“In terms of industry classification, information technology (IT), business process management (BPM), and manufacturing are the main sectors of interest of these visiting firms,” Manalo said.
These sectors are followed by energy, construction, automotive. Additional sectors of interests include garments, electronics, tourism, oil and gas, shipbuilding and aerospace.
From these inbound visits, six projects were immediately translated to tangible investments. These realized projects amounted to around US$87.2 million in terms of project cost, and is expected to generate over 1,500 jobs.
“The increasing trend of inbound delegation and company visits can be attributed to our successful outbound business missions and the proactive support of our foreign trade and investment promotions posts and embassies,” Manalo said.
He added the continued positive perception and sustained business confidence of the global business community with the present administration, sustained interest on the strengths of the Filipino workforce, and the country’s fast growing economy also contributed to the influx of inbound business missions.
“Given the current investment climate, we are expecting more investment upgrades in coming months,” Manalo said.
In March 2013, the Philippines got its first investment grade credit rating as international debt watcher Fitch Ratings upgraded its long-term foreign currency issuer default rating (IDR) to BBB- from BB+ with a stable outlook. In May 2013, Standard & Poor’s also raised the country’s credit rating by a notch from BB+ to BBB-, with a stable outlook.
He also said the prevailing economic crisis in USA and Europe paved the way for investors to look at other regions, particularly Asia as the preferred business destination. (END)
Source: DTI Public Relations Office