MANILA — The country’s manufacturing sector has attracted some USD1.15 billion foreign direct investments (FDIs) in 2017, Department of Trade and Industry (DTI) Secretary Ramon Lopez said.
In a statement Wednesday, Lopez cited that the figure is part of the country’s record-high USD10.1 billion net FDI last year, a 21.4-percent increase from 2016’s net FDI of USD8.28 billion.
He noted that FDI inflows in the manufacturing sector surged by 244 percent last year compared to 2016’s figure.
It also accounted for 35 percent of the USD3.3 billion equity capital placements in 2017, added Lopez.
“It is a highly viable investment area and a source of meaningful and well-paying jobs for the people,” the trade chief said.
Moreover, other equity capital placements were put into sectors of gas, steam, and air-conditioning supply; real estate; construction; and wholesale and retail trade activities.
The DTI has been taking initiatives for the resurgence of the manufacturing sector, which the agency identified as sector that generates quality jobs, helps in poverty alleviation, and brings inclusive growth in the countryside.
Among the programs done by DTI to boost the manufacturing sector include the industry roadmapping and the Comprehensive Automotive Resurgence Strategy (CARS) Program that aims the country to be the next production hub for automotive industry.