The Department of Trade and Investments (DTI) targets to exceed foreign direct investment (FDI) inflows of neighboring Association of Southeast Asian Nations (ASEAN) countries during the term of President Ferdinand R. Marcos Jr.
In a forum in Taguig City on Wednesday, DTI Undersecretary Ceferino Rodolfo said the country’s net FDI inflows from 2020 to 2022 reached $28 billion.
Rodolfo, who is also the managing head of the Board of Investments (BOI), said the Philippines surpassed the inward FDIs of Malaysia and Thailand in 2021, as the country logged record-high FDI inflows of $10.5 billion.
“We took over Malaysia and Thailand,” Rodolfo said, noting that the Philippines ranked sixth before among Southeast Asian countries in terms of FDI inflows.
He said DTI Secretary Alfredo Pascual committed to the President to surpass the inward FDIs of Vietnam by the mid-term of the Marcos administration and to exceed Indonesia’s FDI inflows by 2028.
In 2021, Singapore led the region in the amount of FDI inflows which reached about $80 billion, followed by Indonesia with $20 billion, and Vietnam with $15 billion.
CURRENTPH NEWS SERVICE
