President Ferdinand R. Marcos Jr.’s successful participation in the recently-concluded 2023 World Economic Forum (WEF) is expected to boost more foreign direct investments this year, the Philippine Economic Zone Authority (PEZA) said on Saturday.

During the News Forum in Quezon City, PEZA deputy director general Aleem Siddiqui Guiapal expressed confidence that Marcos’ participation in WEF in Davos, Switzerland will build and sustain the confidence of global investors.

“Magandang programa po itong ginagawa ng ating Presidente. Unang-una po, the political will for a certain country na pinaghahandaan iyong investments especially iyong adhikaing mapalago po iyong foreign direct investment ay magandang mensahe po (The President’s program is good. First and foremost, the political will for a certain country to boost investments, especially the foreign direct investment, is a good message),” Guiapal said.

He made the remark, as he reported that investments approved by the PEZA jumped 103 percent to PHP140.7 billion for the last quarter of 2022.

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, Guiapal noted.

“So, when they came here, noong nag-pledge sila, ang unang ginawa ng ating ahensiya ay nakipagpulong po kami sa kanilang top management (when they made a pledge, the agency’s first step is to hold a meeting with their top management),” he said.

“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 (Sometimes, PEZA has to travel abroad to meet with the top management. There are other ways for them to go here. We are visiting the locations where they can stay),” he added.

‘Game-changing reforms’

Meanwhile, Trade 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 (The perennial complain of investors in the Philippines) is the high energy cost, high power cost compared with our neighbors,” Rodolfo said.

“Pero nagbabago na ho kasi iyong mundo, nakikita natin (The word is changing and we notice) that globally, there is now a greater demand for sustainability because of climate change kaya nagiging importante iyong renewable energy (that’s why the use of renewable energy will become important),” he added.

Marcos returned home on Saturday afternoon, reporting the “beneficial” outcomes of his attendance to WEF in Switzerland.

During his participation in WEF, Marcos touted the Philippines’ success story and encouraged foreign investors to explore business in the Philippines.

Several multinational companies and investment firms have also expressed interest in investing in the country as a result of the Marcos’ engagements with the world’s top business leaders on the sidelines of WEF. (PNA)