DC trilaterals seen as opening to tap new investment
THE Department of Trade and Industry (DTI) said it is looking to explore new trade and investment opportunities at the Trilateral Economic Ministers Meeting on Thursday in Washington, DC.
In a statement, the DTI said that the meeting will bring together Trade Secretary Alfredo E. Pascual, US Commerce Secretary Gina M. Raimondo, and Japanese Economy, Trade, and Industry Minister Ken Saito.
“The upcoming trilateral meeting is expected to unlock further trade and investment opportunities, in alignment with the government’s objectives to improve infrastructure, upskill workers, ensure environmental sustainability, and invigorate the private sector with meaningful initiatives,” the DTI said.
It added that the meeting could result in agreements that will help create jobs.
Citing the Bangko Sentral ng Pilipinas, the DTI said that foreign direct investment (FDI) rose to $907 million in January, up 89.9%.
“The surge in FDI reflects the unwavering confidence and steadfast trust the global business community places in the Philippines’ economic potential,” Mr. Pascual said.
“This only strengthens our commitment to further improve the country’s business environment to attract even more foreign investment, which in turn will create more jobs and sustain our economic growth,” he added.
He said that the DTI will continue to focus on manufacturing, real estate, construction, and wholesale and retail trade, which were the industries that drove investments in January.
“The DTI remains focused on further attracting significant investments in these essential sectors and other high-growth industries. By bolstering these foundational industries, the Philippines can create a more robust and resilient economy,” he added. — Justine Irish D. Tabile
