THE Department of Trade and Industry (DTI) said it considers information technology (IT), renewable energy (RE), green metals, manufacturing, and agro-logistics to be potential targets for investment by Spanish companies.
“Given the Philippine government’s ongoing economic reforms and sustained efforts to enhance the country’s investment climate, the Trade Secretary invited Spanish businesses to explore growth and investment opportunities in the Philippines,” the DTI said in a statement on Monday.
Secretary Alfredo E. Pascual pitched public-private partnership projects as well as the business process management (BPM) industry, apart from the aforementioned sectors.
Mr. Pascual said that Spain is major trade and investment partner, with bilateral trade totaling $1.2 billion in 2022.
“Secretary Pascual also expressed the Philippines’ desire to increase its exports to Spain, particularly electronic equipment, tuna, bananas, and pineapples, crude coconut oil, and static converters,” the DTI said.
Mr. Pascual met with Spanish Minister of Economy, Trade, and Business Carlos Cuerpo Caballero on the sidelines of the World Trade Organization’s 13th Ministerial Conference.
“We are optimistic that our deepened collaboration in trade and investment … will create a more open, transparent, and inclusive global trade environment for both the Philippines and Spain,” Mr. Pascual said.
Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said that the investments being solicited by Mr. Pascual are those most needed by the economy.
“These investments… may also provide the highest returns, especially for foreign investors,” Mr. Ricafort said in a Viber message.
“These investments may contribute to faster, more inclusive economic growth and development,” he added.
He added that since some of the investments are environmental, social, and governance-compliant, they may be appealing to investors.
Information Technology and Business Process Association of the Philippines President and Chief Executive Officer Jack Madrid welcomed the inclusion of IT-BPM industry in Mr. Pascual’s investment pitch.
“This will allow us to potentially offer IT-BPM services to Spanish companies,” Mr. Madrid said in a text message. — Justine Irish D. Tabile
