The chair of the House of Representatives’ labor and employment committee hailed the increase of foreign direct investments in the country, saying these investments would help in creating more jobs for Filipinos.
Data released by the Bangko Sentral ng Pilipinas recently showed that FDI net inflows in July 2024 increased by 5.5 percent to $820 million from the $778-million net inflows recorded in July 2023, and is the highest since the $1.366 billion recorded in February this year.
“I am glad that other countries see the viability of business in the Philippines, and we must give credit to the national government led by President Ferdinand Marcos, Jr. for their efforts in convincing foreign partners to invest in nation,” Rizal 4th District Rep. Fidel Nograles said.
The lawmaker highlighted the role that FDIs play in job generation, especially as bulk of the investments have been directed towards the manufacturing sector, real estate, and other industries.
“The surge of FDIs in these sectors, particularly in manufacturing which is one of the most important drivers of economic transformation, will help us scale up our output and create higher-value products, meaning there will be more and better jobs for Filipinos.”
Manufacturing accounted for 71 percent of July 2024 FDIs, while real estate accounted for 17 percent and other industries, 12 percent.
Meanwhile, BSP’s data also showed that from January to July, manufacturing accounted for 76 percent, followed by other industries with a share of 13 percent, and real estate with 10 percent.
“The surge of FDIs in these sectors, particularly in manufacturing which is one of the most important drivers of economic transformation, will help us scale up our output and create higher-value products, meaning there will be more and better jobs for Filipinos,” said Nograles.
The solon also expressed optimism that the government would continue its efforts to eliminate barriers that deter foreign investment in the country.
“I believe that the government is intent on addressing deterrents such as taxes, high power rates, and red tape to encourage more foreign investors,” he said.
