The Philippine Economic Zone Authority (PEZA) on Saturday said it expects more foreign direct investments (FDIs) to register this year after President Ferdinand Marcos Jr successful trip to the World Economic Forum (WEF) in Davos, Switzerland.

In a media forum, PEZA Deputy Director General Aleem Siddiqui Guiapal reported that investments approved by the PEZA jumped 103 percent to P140.7 billion for the last quarter of 2022.

Guiapal said after investment pledges are sealed, PEZA arranges for the visits of investors in various locations in the country and ensures a smooth follow-through on commitments made.

“We arrange for their visit na mapuntahan iyong mga location. In fact, recently ay nag-materialize na iyong isa sa mga investment last year, for example, if you’re familiar iyong bagong investment na pumasok sa amin sa Zeco – ito po ay isang kumpanya mula sa Switzerland, nag-invest dito sa ating location sa TECO (industrial park) in Pampanga,” Guiapal explained.

"So, when they came here, noong nag-pledge sila, ang unang ginawa ng ating ahensiya ay nakipagpulong po kami sa kanilang top management. Minsan po kailangan puntahan ng management ang PEZA sa ibang bansa, mayroon din naman pong pamamaraan na sila iyong pumupunta dito, iniikot natin sila sa mga lokasyon kung saan sila puwedeng mag-locate,” the PEZA chief pointed out.

Meanwhile, Trade and Industry Undersecretary Ceferino Rodolfo noted the "game-changing reforms" pursued by the Marcos administration, including the amendment to the implementing rules and regulations (IRR) of the Renewable Energy Act of 2008 to allow 100 percent foreign capital in renewable energy projects.

"And this is very important… ang talaga hong perennial na complain ng mga investor sa atin is that Philippines-- ang pinakaproblema natin is the high energy cost, high power cost compared with our neighbors," the DTI official pointed out.

"Pero nagbabago na ho kasi iyong mundo, nakikita natin that globally there is now a greater demand for sustainability because of climate change kaya nagiging importante iyong renewable energy,” Rodolfo added.

Marcos has accomplished a lot in his participation in the WEF in Switzerland, particularly by telling the Philippines' success story and encouraging investors to come to the country, the government's economic team has said.

Several multinational companies and investment firms have shown interest setting up businesses in the country as a result of the President's Davos engagements.

Marcos was joined by business tycoons from the so-called Magnificent 7, which included Sabin Aboitiz (Aboitiz); Kevin Andrew Tan (Alliance Global); Jaime Augusto Zobel de Ayala (Ayala Group); Lance Gokongwei (JG Summit Holdings); Ramon Ang (San Miguel Corp.); Teresita Sy-Coson (SM Investments); and Enrique Razon (International Container Terminal).

Manuel V. Pangilinan, whose portfolio includes telecommunications giants PLDT and Smart, also showed support for the chief executive's attendance at the WEF by showing up at the dinner hosted by the chief executive officers (CEOs) for the President in Davos Wednesday night. Presidential News Desk