Trade Secretary Alfredo E. Pascual said the Philippines will be banking on foreign direct investments (FDI) to develop production capability for its export market. Know more:
TRADE Secretary Alfredo E. Pascual said the Philippines will be banking on foreign direct investments to develop production capability for its export market.
“You have to develop the production capability, produce quality, improve productivity so you can be competitive in pricing. That’s one thing that I thought should be highlighted,” he added.“Look at Vietnam and Thailand: they have big exports. The export products coming from our neighboring countries are produced by factories put up by foreign investors. Kaya ang bilis ’nung growth in their export.” [Hence the growth in their respective exports market was fast.
As he was explaining the difference between relying on the country’s local industry and attracting FDI to target export markets, Pascual said the country will still “worry about many things” such as production, technology, productivity, product quality, finance and market.
“We want them to consider the operation here so we will provide alternative supply source for their components and inputs to their assembly operation; majority are on assembly operations,” he said.DURING the state visit to Beijing last week of President Ferdinand R. Marcos Jr., the DTI said that about $7.32-billion investment pledges from Chinese firms were secured in the sectors of nickel processing, power batteries, electric vehicles , electronics manufacturing and steel manufacturing.
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