THE Department of Trade and Industry (DTI), the agency responsible for generating jobs in the country, has vowed to continue attracting investments that produce higher-quality and higher-paying jobs.
DTI undersecretary Kim Bernardo-Lokin said in an interview at the Bagong Pilipinas briefing on Tuesday, Jan. 9, the investment promotion agencies (IPAs) are strengthening their investment strategies while improving the ease of doing business in the country to lure more foreign investors to establish and expand their businesses in the Philippines.
Lokin added that the IPAs aim to attract foreign investments with higher value in terms of services and jobs.
“It would need placing ourselves more aggressively to become the next manufacturing hubs in certain industries and look at more investments for digitalization,” she said.
She noted that the over P4-trillion foreign investments that the country attracted in 2023 will be generating 224,000 jobs over the coming months and years.
These new jobs will help the country sustain its low unemployment rate, which the Philippine Statistics Authority (PSA) reported to be at 3.6 percent in November 2023 — the lowest since 2005.
Lokin said as of Dec. 14, 2023, nine projects amounting to USD398.14 million were already in the Stage 6 category of investments, which means they have registered with the IPAs and are operating.
Foreign investments that were categorized in Stage 5 of investment amounted to USD790.58 million. These projects have already registered with the IPAs and operations will begin soon.
Those investments that are in different stages are expected to start their operations in the country this year or in the next three to five years.
Of the 224,000 jobs from the over P4 trillion foreign investments that the Marcos administration attracted last year, 91,957 jobs (41 percent) are in the information technology and business process management (ITBPM) and related sectors; 71,899 jobs (32 percent) in manufacturing, particularly cement, integrated steel mill, electronics and semiconductor, automotive, processing, and wire harness, among others; infrastructure, transport, and logistics with 23,452 jobs (10.5 percent); 21,020 jobs (9 percent) in the energy sector — both renewable and traditional energy projects; and agriculture, with 5,760 jobs (2.6 percent) in dairy and agro-processing, among others. (PNA)/PN
