DTI pushes bigger budget to boost investment marketing

THE Department of Trade and Industry (DTI) on Wednesday asked congressmen for a bigger budget for its investment promotion programs, saying additional funds would help attract more foreign capital amid growing competition in Southeast Asia.

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Trade Secretary Ma. Cristina A. Roque told the House of Representatives increasing the budget for investment promotion to P1.5 billion from P1 billion could boost state marketing efforts to draw foreign investors.

“We aim foreign investments to be in the P1-trillion mark, but the budget for that is only P1 billion,” she told a House committee on appropriations hearing. “We were really hoping to increase it further so that we can use it for marketing, to market the Philippines globally, especially that we have competitors in Southeast Asia.”

‘The Board of Investments (Bol) approved P382.24 billion in investments in the first half, roughly 22% of the fullyear target of P1.75 trillion, according to government data.