BOI crafting new FDI promotion strategy
The Board of Investments (BOI) is working toward a foreign investment promotion and marketing plan (FIPMP), and is currently gathering feedback from stakeholders on the strategy.
In the draft plan, the Department of Trade and Industry’s (DTI) lead investment promotions agency said a dedicated FIPMP is essential to maintain and enhance the country’s competitiveness.
“The Philippines faces stiff competition from neighboring Southeast Asian countries, such as Vietnam, Indonesia and Thailand, which are aggressively courting foreign investors,” the draft read.
“A well-crafted marketing plan can help highlight the Philippines’ unique advantages, such as its strong English proficiency, a robust business process outsourcing industry, and preferential trade agreements while addressing any perceived barriers like infrastructure challenges and regulatory uncertainties,” it added.
Competitive edge
According to the BOI, the proposed FIPMP is aimed at providing an in-depth analysis of the Philippines’ competitive advantages vis-à-vis the current conditions of the global business environment.
This FIPMP will also provide descriptions of the Philippines’ natural resources, skills and educational development, traditional linkages and international market potential, matching these with potential growth sectors and available investment opportunities.
“The FIPMP is crucial for aligning the efforts of various stakeholders, including government agencies, private sector players and local government units toward a common goal,” the BOI said in the plan.
“This plan serves as a road map for coordinated actions, ensuring the messaging is consistent and the strategies effectively implemented across different regions and sectors,” it added.
Job-generating foreign direct investments (FDI) in the Philippines dipped to their lowest level in more than four years last September, according to data released by the Bangko Sentral ng Pilipinas earlier this month.
FDIs during the month posted a net inflow of $368 million, resulting in a 36.2-percent contraction compared with a year ago.
This was the lowest net inflow recorded since April 2020, at the height of the strict lockdowns implemented during the global outbreak of the COVID-19 pandemic.
