DTI eyes visiting China to attract more investors: Pascual

Trade Secretary Alfredo Pascual said on Monday he plans to visit China later this year to attract more investors as the Philippines readies its participation in the Regional Comprehensive Economic Partnership (RCEP)

China is part of RCEP, which is a free trade agreement among the 10 members of the Association of Southeast Asian Nations (ASEAN), and Japan, South Korea, Australia and New Zealand. 

"I am very optimistic about the interest of Chinese enterprises about investing in the Philippines. In fact, I’m scheduling a visit to China, perhaps probably sometime early third quarter if not towards the end of the second quarter," Pascual told ANC.

"We can talk about their investments in the processing of minerals, which we’re also discussing with some American and European companies. We can talk about manufacturing, especially I’d like to be able also to talk to companies who are diversifying their locations and we can try to catch some of them to locate in the Philippines," he added.

Pascual said China is also interested in tropical food such as durian.

President Ferdinand Marcos Jr. earlier said the country collected $22 billion in "investment pledges" during his recent state visit to Beijing. 

The Philippines is a "strategic location" for investments, Pascual said, adding that its young population and vibrant manpower could also attract more businesses.

• Marcos gets $22 billion in 'investment pledges' after China state visit
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GROWING FDIs 

Pascual said the recent reforms undertaken by the last 2 administrations, which liberalized foreign ownership in select sectors, could also help boost foreign direct investments.

Among the most attractive sectors to foreign investors is the renewable energy sector, Pascual said.

The government recently revised the implementing rules and regulations of the Renewable Energy Act, allowing 100 percent foreign ownership in renewable energies particularly solar, wind and tidal energy, he said.

Pascual said the recently signed EO that would establish a "green lane" for foreign investors would also entice more businesses to set up shop here.

"There will be hand-holding for investors to go through the process for somebody in the know of the intricacies of dealing with government offices," he said.

• Foreign direct investments decline in January