DTI: Europe roadshow yields P73 billion investment pledges but no guarantee of materialization

INQUIRER FILE PHOTO

MANILA, Philippines — The Department of Trade and Industry (DTI) wrapped up its three-week investment roadshow in Europe with P73 billion worth of investment pledges, said the agency’s Secretary Alfredo Pascual.

According to the DTI chief however, these pledges made from the road show are not set in stone.

“I am pleased to emphasize the roadshow’s success which has resulted, as mentioned, in 48 potential investment leads. Of these, 16 have explicitly indicated investment values totally more than 73 billion pesos, potentially generating more than 4,300 jobs – these are direct jobs,” said Pascual in a press briefing.

“I would like to reiterate that the reality of life is that not all leads will materialize. We must sustain our efforts therefore to generate investment leads to achieve our desired level of investments over the long time going forward,” he said.

Pascual had also told the companies he had met with that they should set up their companies here, as they often use Filipino labor.

“But in my discussions nga with European companies, I kept on emphasizing, you want our labor, you might as well set up your factory here so that our workers will not have to leave the country but do their work here for your companies and serve your export market, as well as cater to the Philippine domestic market for those that are producing consumer goods,” said Pascual.

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