THE Department of Trade and Industry (DTI) is counting on potential investments of more than P73 billion after the conclusion of its investment roadshow to Europe last week.
Trade Secretary Alfredo E. Pascual said in a statement on Monday that the valuation of the roadshow results is based on 16 potential projects that are considered somewhat firm. These potential projects could generate 4,350 jobs.
Including the projects that are less than firm, the DTI considers the roadshow to have generated 48 potential leads, including 14 in manufacturing and related services such as training and integrated circuit design; 16 in information technology-business process management; 15 in renewable energy; and three in infrastructure and construction related services.
The DTI visited France, the UK, Belgium, the Netherlands, and Germany between June 18 and July 6.
In a separate briefing, Trade Undersecretary Ceferino S. Rodolfo said the firmer leads involve companies that have done “due diligence.”
“Our expectation is within the next five years, a number of these, if not all, will come to fruition,” Mr. Pascual said during the briefing.
According to Mr. Pascual, the delegation considers renewable energy investments to have generated the strongest interest as a result of the Russia-Ukraine war.
“All of the countries that we visited in Europe have interest in renewable energy because the whole continent has shifted to renewables. When the gas supply from Russia was cut, the European countries… accelerated the development of solar, onshore wind, offshore wind, and hydrogen,” Mr. Pascual said.
He expects the process of starting projects to take one or two years for preliminary studies, followed by applications for the required permits.
He added that potential manufacturing investors are focusing on supply chains and the cost of bringing raw materials to the Philippines.
“Our local suppliers will also be like indirect exporters since they supply to these manufacturing companies,” he added.
Meanwhile, Mr. Rodolfo said one of the firmest investment leads is a German company that is thinking of bringing in a tunnel boring machine to help build the Metro Manila subway project.
The DTI’s Board of Investments has set a target of P1.5 trillion worth of investment approvals this year, double the P729 billion approved last year. — Revin Mikhael D. Ochave