(Eagle News)–The Department of Trade and Industry has reported more than P4 trillion worth of investments from President Bongbong Marcos’ foreign trips.
According to the DTI, based on its December 21, 2023 monitoring of consolidated and processed investments, the P4.09 trillion investment value covers 148 projects at various investment stages.
The DTI described these investments as
business, investment promotion agency (IPA) registered with operations (US$205.53M or P11.4B), Business/IPA registered (US$983.21M or P54.75B), IPA registration in progress operations (US$5.079B or P282.8B),
signed agreement with clear financial project value (US$9.771B or P544.152B),
signed memorandum of understanding/letter of intent (MOU/LOI) (US$28.529B or P1.588T),
confirmed investment not covered by MOUs/LOIs and in the planning stage (US$27.345B or P1.522T).
The DTI said it is also monitoring 20 projects which have been approved and registered with the IPAs of the DTI, Board of Investments and the Philippine Economic Zone Authority.
The agency said that the investments mostly fall under the manufacturing, IT-BPM, renewable energy, data centers and telecommunications sectors.
According to the agency, business engagements during the President’s visit to Tokyo, Japan for the ASEAN-Japan Commemorative Summit were also added to its monitoring as they added US$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 US$85.07 million, and six MOU/LOI valued at US$178.01 million.
The agency added the presidential visit to the United States for the Asia-Pacific Economic Cooperation (APEC) Leaders’ Meeting in San Francisco added US$672.3 million (or P37.2 billion) to the total value and six to the total number of projects.
These include US$400 million (P2.2 billion) investment in telecommunications, US$2 million (P110 million), artificial intelligence (AI); US$250 million (P13 billion), manufacturing; US$20 million (P1.1 billion), health sciences/pharma manufacturing/health services; US$300,000 (P16 million), energy; and an undisclosed amount for another investment in health sciences/pharma manufacturing/health services, the DTI said.
Those projects are composed of signed agreements with clear financial value and MOU/LOI, it added.
