PH continues to attract foreign firms: Lopez

FILE: Trade Secretary Ramon Lopez  (Photo: ALBERT ALCAIN/PPD)

MANILA — The Philippines continues to attract foreign companies to explore opportunities in investing in the country, Department of Trade and Industry (DTI) Secretary Ramon Lopez said.

In an interview, Lopez said a number of companies and organizations doing business missions in the Philippines increased this year.

Data from Board of Investments (BOI) showed that from January to September this year, total number of companies and business organizations that visited the country grew by 24.28 percent to 558 from 449 inbound missions in the same period in 2016.

“There’s more interest right now by the number of companies visiting our Board of Investments. Trying to look at opportunities here,” Lopez said.

The DTI chief added that some companies are already in advance stages of looking at business opportunities here, some are “on the verge of registering new investments” in the country, while some are still doing their feasibility study.

“It’s a matter of timing,” he said, noting that companies have to study their business plans in the country before pouring in their investments here.

Earlier, Lopez mentioned that a Chinese steel manufacturer is keen on putting up its facility in the country.

He said this steel company is among the Chinese firms that had their inbound mission here last March and submitted their letters of intent to explore opportunities in the Philippine market.