The Philippines is identifying companies, including those in Europe, as the nation seeks investment in export-oriented industries and renewable energy, according to Trade Secretary Alfredo Pascual.
“We just had the framework done now and we are identifying some specific companies to target,” Pascual said in an interview Oct. 28 in Brussels, where he attended the EU Sustainable Investment Summit.
“It’s always best to deal with old friends, old investors,” he said, adding that the government is also eyeing companies already in the Philippines such as Siemens AG and Dyson Ltd for potential expansion.
Foreign investment is key to President Ferdinand Marcos Jr.’s goal of creating more jobs and bringing a stubbornly high poverty rate down to single digits. A recent law that eased what was among the world’s most-restrictive foreign ownership laws is seen to help draw in funds to grow the economy.
The trade department has tagged growth areas such as electric vehicles, outsourcing and health care, Pascual said. It is also looking for investors in solar and wind energy, he said.
In the coming months, the Philippines will tap foreign investors for a 1,300-megawatt solar project valued at $1.2 billion, Pascual said. The government is also planning to build wind mills in coastal areas, he said.
