PH receives $24.7M-worth investment pledges from Switzerland

MANILA, PHILIPPINES — An initial amount of US$24.7 million in investment pledges from Swiss firms have been received by the Board of Investments (BOI). 

BOI said in a press statement that the Swiss investment commitments with a potential job generation of 475 were generated in the business meetings between the Philippine government and the Swiss business community.

“With no less than the President as the country’s number one salesperson in pitching the Philippines, the country’s improved business climate continues to soar high as several multinational companies ramp up their interests in setting up businesses in the country along with existing firms expanding their investment portfolios,” Trade Undersecretary and BOI Managing Head Ceferino Rodolfo said.

According to BOI, many Swiss firms have expressed their interest in investing in the country during the investment mission to Switzerland at the sidelines of the Philippines — European Free Trade Association (EFTA) and the 5th Philippines — Switzerland Joint Economic Committee (JEC) Meetings held in Switzerland earlier this month. 

From 2017 to the 3rd quarter of 2022, Swiss investment approval by the country’s investment promotion agencies (IPAs) reached Php1.4 billion. 

Notable BOI-approved Swiss investments include projects of Nestle, Avaloq, and CPW. As of 2021, Switzerland ranked as the Philippines’ 26th biggest trading partner (out of 224), 17th largest export market (out of 206), and 29th biggest import supplier (out of 211). 

Philippine exports to Switzerland grew by 17.3 percent in 2021 as it shipped US$528.2 million, up from US$450.4 million in 2020.