The Department of Trade and Industry (DTI) formally launched on Tuesday the “Make It Happen in the Philippines” campaign to promote and attract more foreign investments into the country by highlighting five priority key investment sectors.
“The country’s new investment promotion brand, Make it Happen in the Philippines, is more than just a brand or a tagline. It speaks of who we are as Filipinos and as a government. It highlights our genuine Filipino trait of resilience and ‘make it work’ mindset that exudes strength and adaptability even in times of adversity,” DTI Secretary Ramon Lopez said in his keynote speech.
“We are confident that the launch of the Make it Happen in the Philippines campaign will relay a clear message across to the rest of the world that the Philippines is dynamic, agile and resilient. Now, more than ever, we are ready to roll up our sleeves and make things happen for you,” he added.
The five key investment priority sectors that will be promoted under the campaign are: aerospace, automotive, copper, information technology and business process management (IT-BPM), and electronics.
He added the campaign is also a “promise” to Filipinos that the country will build back better amid the global health and economic crisis cased by the coronavirus disease pandemic.
Aerospace and automotive
For the aerospace industry, the DTI said the existing domestic aerospace supply chain can meet the diverse requirements of the industry as the Philippines houses Tier-1 suppliers of the world’s largest aerospace manufacturers such as Boeing and Airbus.
The country is also producing aerospace parts, such as flight control actuation systems, interiors, lavatories, galleys, oxygen systems, and panel assembly. The local aerospace industry also has product design engineering capabilities.
Local aerospace maintenance and repair operations (MRO) are also growing as major international carriers choose the Philippines to maintain their fleets. MRO capabilities in the country include line and base maintenance, fleet management, and cabin reconfiguration.
Major aerospace players that are in the Philippines include Collins Aerospace, Moog Controls, Lufthansa Technik, and SIA Engineering.
For the automotive sector, DTI said the Philippines is also ready to cater to the rising export demand for automotive assembly and parts manufacturing with its extensive auto supply chain comprising over 380 parts manufacturers.
Major auto parts producers in the country include Yazaki Torres, International Wiring Systems, and Asian Transmission Corp.
On the other hand, major auto assemblers in the country include Toyota and Mitsubishi.
Copper, IT-BPM, and electronics
For the copper industry, the country has the fourth largest copper reserves in the world and is well-placed to meet demands of the domestic and international markets.
The country also has a diverse extraction method and manufacturing base to produce high-demand copper-based products such as cathodes, alloys and foil.
The DTI targets to lure foreign companies to invest in building world-class copper mines, wire rod casting facilities, and manufacturing of higher-value copper products.
The country has copper reserves of 4 billion metric tons. Annually, 300,000 dry metric tons of copper are produced.
The Philippines is a well-known destination for IT-BPM investments with its English-speaking and tech-savvy workforce, and can offer endless possibilities and potential in the sector with the synergies in manufacturing and services industries.
The Philippines accounts for 15 percent of the global IT-BPM market, the second largest in the world.
For the electronics sector, the Philippines is host to around 500 global semiconductors and electronics firms, making the country a vital part of the global value chain for the industry.
The industry also accounts for 61 percent of the country’s export revenues.
The DTI is eyeing the country to become the home of competitive integrated circuit (IC) design firms.
There are also opportunities in the sector particularly in manufacturing, chip design, and original product design and development works for products and technologies in healthcare, automotive, aerospace, vehicle batteries, and smart wearables. CURRENT PH