Investments in the country’s manufacturing sector surged by 244 percent to $1.15 billion last year from $334 million in 2016, the Department of Trade and Industry (DTI) said on Wednesday.
“The figures account for 35 percent of the $ 3.3-billion equity capital placements in 2017,” Trade Secretary Ramon Lopez said in a statement.
The Bangko Sentral ng Pilipinas earlier this week reported that net foreign direct investments (FDI) had hit an all-time high of $10.1 billion last year, 21 percent higher compared to the $8.3 billion recorded in in 2016.
The Trade department said over 21 industries received FDI inflows and that more than one-third of total equity placements went to the manufacturing sector.
Manufacturing, said Lopez, is delivering on its promise to be a pillar of economic growth.
“It is a highly viable investment area and a source of meaningful and well-paying jobs for the people,” he added.
The Trade department tagged food manufacturing as well as production of radio, television, and communication equipment and apparatus; chemical and non-chemical products; fabricated metal products; basic metal and non-metallic mineral products, as “vibrant” industries.
“Investor confidence is real. The Philippines continues to be a magnet for investments and this is due to the country’s improving business environment, sound macroeconomic policy reforms, aggressive infrastructure build-up, much improved peace and order and political stability, favorable demographics, growing middle class and consumer base and of course, our people, who have always been the country’s prime asset in attracting foreign investments,” Lopez said.