A total of PHP1.1 trillion (US$20 billion) investments were approved in the manufacturing sector during President Rodrigo Dueterte’s presidency, said Department of Trade and Industry (DTI) Secretary Ramon Lopez.
During the 7th Manufacturing Summit, Lopez stated that the Duterte admin created a “vibrant business environment” and attracted a lot of investments in the last six years.
Additionally, about US$4.3 billion worth of foreign direct investments (FDIs) in the manufacturing sector also entered the country in the same period.
With the further reopening of the economy, manufacturing output is on the trajectory of hitting the pre-pandemic level by year-end. In the first quarter of 2022, manufacturing output stood at PHP975 billion (US$17.9 billion), the highest output recorded in all first quarters of the previous years.
“This shows that once the domestic and global economy adapts better to the pandemic situation, the Philippine manufacturing sector is ready to return to the pre-pandemic trajectory,” he added.