He made the statement in response to August FDI data showing foreign inflows to have slowed by 19.2 percent year-on-year. READ:
the country to catch up on foreign direct investments ” by seizing what he called “low-hanging fruits” in policy reforms to make the country more open to foreign investments.
“President Marcos is achieving progress in agriculture. This is one of the few times the sector actually recorded positive growth. We need to capitalize on our strong Q3 GDP performance. While the decline in FDI is understandable due to global conditions, there are low-hanging fruits we haven’t picked up yet,” he said.
“I would also urge the economic team along with Secretaries Remulla and Lotilla to work out the final draft of amendments to the Renewable Energy Law, to allow full foreign ownership of energy generation. We need major foreign investments in our renewable energy sector,” he further stated.“A surplus of renewable energy will reduce power rates in the country.
He said he is a ready talking to European investors in renewable energy, including Norway, adding the stakeholders he is in talks would are prepared to invest as much as $10 billion in RE projects in the near-term.
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