MANILA - Manufacturing investments grew 244 percent to $1.15 billion in 2017, reflecting the potential of the sector to drive economic growth and create jobs, Trade Sec. Ramon Lopez said Wednesday.
Investments in manufacturing accounted for 35 percent of the $3.3 billion in equity capital placements last year, the DTI said. Total foreign direct investments for the year surged to a record $10 billion.
"It is a highly viable investment area and a source of meaningful and well-paying jobs for the people," Lopez said.
The DTI has long promoted manufacturing in the country, particularly in communications equipment, chemicals, metals and minerals.
"Investor confidence is real. The Philippines continues to be a magnet for investments, and this is due to the country’s improving business environment, sound macroeconomic policy, political stability, favorable demographics, and of course, our people, who have always been the country’s prime asset in attracting foreign investments," Lopez said.