FILIPINOS can expect more jobs in the near future given the higher investment approvals made by the Board of Investments (BOI).

Investments translate to businesses that generate employment.

The BOI recently disclosed it has greenlighted a total of P734 billion in investments pledged from January to September this year.

The figure is 102 percent higher compared to the P362 billion posted in the same period last year.

Of the figure, P427 billion or 71.8 percent represents foreign direct investments (FDI). The rest are domestic investments.

FDIs are investments from one country into another country with the intention of establishing a lasting interest.

The foreign trips made by President Ferdinand Marcos Jr. late in 2022 and early this year have been credited for most of the FDIs which recorded substantial growth of 150 percent compared to its year-ago level.

BOI Managing Director Ceferino Rodolfo said about 90 percent of the okayed FDIs could be traced from the presidential visits.

“The President’s working visits to other countries contributed much to the increase in FDIs,” Rodolfo added.

Earlier, the President travelled to Belgium, Cambodia, China, Japan, Malaysia, Switzerland, Thailand, and the United Kingdom.

He also went to the United States, Indonesia and Singapore.

The presidential visits aimed to improve ties with the foreign countries and attract investments to boost Philippine economy.

Of the visited countries, China, Japan and the United States topped in investment pledges.

But Germany, which was not visited by the President, turned out to be the biggest FDI provider accounting for 80 percent of the total approved FDIs.

Also interesting is that some European countries not typically investing in the Philippines have started expressing intentions to make the country the destination of their investments.

This could be attributed to the reforms in policy measures adopted by the government to bolster the confidence of foreign investors.

Job opportunities can be expected in the energy sector as this is where most of the FDIs are headed.

Other usual destinations of FDIS are telecommunications, mineral processing and high tech manufacturing where employment prospects are looking very bright.

**

For comments, please call or text 095690128811 or email [email protected]