MANILA - The Board of Investments (BOI) said Wednesday the Philippines has secured initial investment commitments from Swiss companies, amounting USD24.7 million (PHP1.3 billion) during the country's investment mission to Switzerland from Jan. 9 to 13.
These potential investments were generated during the business meetings organized by the Philippine Trade Investment Center (PTIC) in Geneva, Bern and Zug in Switzerland.
These business meetings were conducted on the sidelines of the Philippines-European Free Trade Agreement (EFTA) meeting and the 5th Joint Economic Commission (JEC) meeting between the Philippines and Switzerland.
"With no less than the President as the country's number one salesperson in pitching the Philippines, the country's improved business climate continues to soar high as several multinational companies ramp up their interests in setting up businesses in the country along with existing firms expanding their investment portfolios," Trade Undersecretary and BOI managing head Ceferino Rodolfo said.
The USD24.7-million investment pledges, which are expected to generate 475 jobs, came from the keypad and silicone sensor manufacturer, Sateco AG and startup company, NaturaLoop.
Sateco AG aims to invest USD9.7 million (PHP530.5 million) for a manufacturing facility at the TECO Industrial Park. The manufacturing plant is expected to be completed by 2024.
NaturaLoop also plans to set up a USD15-million Cocoboard factory in the Philippines.
Currently, NaturaLoop is developing a supply chain for coconut husks in Quezon province with local partners ProSource International Inc. and Quezon Federation and Union of Cooperatives (QFUC).
"These initial investment commitments are promising as we look forward to the growing interest of Swiss firms in the Philippines and benefits from the game-changing reforms pursued by the Marcos administration such as the amendments to the Public Service Act (PSA), Retail Trade Liberalization Law (RTLA), Foreign Investment Act (FIA) and the implementing rules and regulations (IRR) of the Renewable Act of 2008, the latter also allowing full foreign ownership in renewable energy, particularly in solar, wind and tidal RE," Rodolfo added.
For the past five years, investments of Swiss companies in major investment promotion agencies amounted to PHP1.4 billion, with notable projects from companies such as Nestle, Avaloq and CPW. (PNA)