The Department of Trade and Industry (DTI) targets to surpass major recipients of foreign direct investments (FDI) in the region during the term of President Ferdinand Marcos Jr.
At a World Bank event yesterday, DTI undersecretary Ceferino Rodolfo said this goal was set after net FDIs hit another record in 2021.
Rodolfo said the Bangko Sentral ng Pilipinas has revised the 2021 net FDIs from $10.5 billion as earlier reported, to $12.5 billion, placing the Philippines as the fourth largest recipient of FDIs in Southeast Asia.
Rodolfo said government hopes to surpass Vietnam, the third largest FDI recipient at $15.7 billion, by the first half of the current administration.
By the second half, Rodolfo said the Philippines targets to surpass the second largest FDI recipient, Indonesia, which received $20 billion in 2021.
Between 2012 and 2017, the Philippines was sixth largest FDI recipient. FDIs hit a record $10.5 billion in 2017. – Irma Isip
