DTI spearheads the
premiere GameDev Summit (GDS) 2024 in PH
By
DTI-Export Marketing
Bureau
March 8, 2024
MAKATI CITY - The
Department of Trade and Industry (DTI), through the Competitiveness
and Innovation Group (CIG) and the Export Marketing Bureau (EMB), in
partnership with GameOps, Inc. and the Game Developers Association
of the Philippines (GDAP), has successfully concluded the Game
Development Summit (GDS) in Boracay on 15-16 February 2024. This is
the first International Game Industry Summit in the Philippines
featuring two (2) tracks: External Development and Indie Games.
After the 2-day summit,
the initial estimated export sales generated amounted to
US$2,419,000.00 (actual and potential sales), and 53 B2B meetings
were conducted resulting in 47 trade leads.
During the launch, DTI-CIG
Undersecretary Rafaelita M. Aldaba highlighted the DTI's partnership
with private organizations such as the Game Development Association
of the Philippines (GDAP) and the International Trade Centre (ITC)
ARISE Plus Philippines project to champion the development and
promotion of the game development sector.
"As we strengthen our game
development ecosystem, particularly through the indie games track
where we promote our Filipino stories and games, the Game
Development Summit takes on even greater significance. Who knows,
the next big, game-changing idea might emerge from a Filipino
developer, born right here at the GDS." Usec. Aldaba said.
Furthermore, International
Trade Centre (ITC) National Project Coordinator Atty. Rami Hourani
discussed the ARISE Plus Philippines Project of the ITC, implemented
by the DTI-EMB and funded by the European Union (EU). He also
invited two (2) ARISE Plus Philippines beneficiaries to share their
first-hand experiences participating in several trade missions under
the project.
The Philippines' first
Game Development Summit (GDS) welcomed people worldwide, providing a
collaborative platform for studios, developers, and advocates to
forge connections, cultivate meaningful partnerships, and
collectively promote the gaming industry. Featuring two distinct
tracks, the External Development Track at The Lind Boracay
facilitated studio partnerships with world-class game developers. At
the same time, the Indie Track at Sea Wind Resort Boracay
highlighted the growing independent game development scene. At the
sidelines of GDS 2024, an Industry Consultants Meeting attended by
the representatives of the DTI – Export Marketing Bureau, Foreign
Trade Service Corps Coordinating Office (FTSCCO), Philippine Trade
and Investment Center (PTIC) – San Francisco, Board of Investments (BOI)
and the Canadian Embassy commenced. Mr. Jason Della Rocca of
Execution Labs and Mr. Krisitian Roberts from Nordicity, Canada,
participated in the consultative meeting.
This summit, held
simultaneously at both venues, was jam-packed with activities,
including a business-to-business event with international
participation, workshops, and learning sessions featuring esteemed
speakers who are top players in the industry. Chris Wren, the
executive director for XDS and co-founder of XDS Spark, led the
opening of the XDS Main Stage in The Lind Boracay on 15 February
2024. Several learning sessions were conducted in the External
Development Track during the 2-day summit, summarized as follows:
"Unveiling Advantages and Differences of External Game Development
in Asia," "Effective Communication in Game Development," "Unlocking
the Power of External Partnership Collaboration" and "Panel:
Insights from AAA Developers."
For the Indie Games Track,
the following learning sessions were conducted: "Optimized
Base-Building: How Indie Studios Can Leverage Support and
Incentives," "Funding Models: Understanding How To Invest In Games,"
"Investing In Indie Games," "Setting SEA Developers Up For Success
With International Publishers," "XBOX, Indies, and Southeast Asia,"
"Leveraging External Development Creatively," "Guiding Lights: The
Crucial Role of GameDev Mentors for Indie Developers," "Philippine
VCs and The Games Industry" and lastly, "Staying Alive and
Redefining Indie: A Boozmap Case Study."
While learning sessions
are happening in the Indie Games Track, workshops were also
simultaneously being conducted at the venue: "Your Design Is Bad,
And You Should Feel Bad", "GameDev Workshop Master User Stories To
Create Expressive Gameplay," "Indie Gold: Crafting Viable Game
Concepts and Budgets for Success," "Pitch Review Session," "Building
Launch Momentum," "Building the Community For Your Indie Games
Studio," "Act Like You're Self-Publishing (Chances Are That You Will
Be)" and "Introduction to Influencer Marketing Strategies For
Indies."
The event was
well-attended, including 16 major companies local and international)
at the External Development track, participating in networking and
B2B. There were 300 participants from various sectors, such as
Publishers, Investors, Developers, Advocates, Experts, Mentors,
Service Providers, Industry Associations/Organizations, and other
gaming development professionals. The summit's global appeal was
evident, with representatives from 30 countries converging to
participate in the maiden event.
The DTI-EMB has been an
active partner in championing the creative industry, recognizing the
potential of exports in the game development sector, particularly
with the recent passage of Republic Act 11904, also known as the
Philippine Creative Industries Development Act (PCIDA), which
provides strategic direction and strengthen the export promotion and
development of the industry. Furthermore, the mission aligns with
the Philippine Export Development Plan (PEDP) 2023-2028, which lists
IT-BPM as one of its priority industries.
DTI VI, EMB facilitate
XRoads Philippine Sea Salts' and local artisans’ partnership
XRoads
Philippine Sea Salts founder Ms. Lennie DiCarlo (in pink),
together with DTI Region VI and DTI Iloilo personnel led by
PD Ma. Dinda Tamayo, IDD Chief Mary Jade Gonzales and EMB
representative La Pia Paula Napuli during her visit to the
DTI Regional Office VI on 28 February 2024. |
By
DTI-Regional
Operations Group
March 5, 2024
MAKATI CITY – In a series
of meetings spanning from February 28 to March 1, XRoads Philippine
Sea Salts, founder Ms. Lennie DiCarlo, from San Diego, California,
explored collaborative opportunities in Western Visayas, with
assistance from the Department of Trade and Industry (DTI) Region VI
and the Export Marketing Bureau (EMB).
XRoads Philippine Sea
Salts is renowned for delivering unique culinary sea salts to the
global market, enriching flavors while uplifting small communities
in the Philippines, and contributing to the revival of the country's
salt industry. The company is supplying traditionally made salt to
major restaurants and hotels in the US packaged in handmade nito
boxes.
On February 28, Ms.
DiCarlo visited the DTI Region VI office, where discussions revolved
around her upcoming engagements with local salt manufacturers in
Guimaras and Iloilo. The team visited the Tuburan Abaca Handicraft
Association (TAHA) in Janiuay which makes quality bags made of abaca
fiber.
Emphasizing the potential
of the local salt industry for both domestic consumption and
exports, Ms. DiCarlo highlighted the significance of DTI’s support
in her endeavors. DTI Iloilo Provincial Director Ma. Dinda R. Tamayo
and Industry Development Division Chief Mary Jade Gonzales warmly
welcomed Ms. DiCarlo and her team, setting the stage for productive
partnerships.
Continuing their journey
on February 29, Ms. DiCarlo and her team, in collaboration with DTI
Regional Office VI, DTI Guimaras Provincial Office led by OIC-PD
Juvy Benliro and the local government of Jordan, Guimaras, initiated
a market linkage between local "Tultul" salt producers in Guimaras
and XRoads Philippine Sea Salts. The meeting, aimed at enhancing the
production standards of local salt producers and providing market
promotion assistance, brought hope to the Tultul salt industry. The
team also conducted visits to local handicraft producers of
handwoven pandan and nito crafts in Guimaras to engage with various
sectors of Filipino craftsmanship.
On March 1, DTI VI
personnel led Ms. DiCarlo and her team on a visit to De Paul
Artisanal Salt Manufacturing in Miagao, Iloilo, accompanied by DTI
VI OIC-RD Rachel N. Nufable, and DTI Iloilo Provincial Office
representatives led by PD Ma. Dinda R. Tamayo, wherein DiCarlo
eagerly explored the intricate salt production process.
The group also visited the
Indag-an Primary Multi-Purpose Cooperative, renowned for its hablon
products where discussions ensued about potential collaboration for
crafting all-Filipino bayong souvenir bags, symbolizing a fusion of
Filipino heritage and modern design.
During her visits, Ms.
DiCarlo actively engaged with local artisans, inquiring about their
production capacities and pricing structures, aiming for a win-win
situation that would satisfy both parties. She sought to understand
the needs and aspirations of the local artisans, ensuring that any
collaboration would be mutually beneficial.
She also offered valuable
advice to further enhance the quality of the products and shared
insights and suggestions based on her expertise, aiming to support
local artisans in improving their craftsmanship and product
standards.
She collected salt samples
to undergo testing in the US to ensure they meet food safety
standards, with XRoads covering the expenses. She also provided
prototypes of nito boxes to be replicated for bulk orders.
Ms. DiCarlo's vision of
incorporating Filipino products into XRoads' offerings was met with
enthusiasm from both local producers and DTI representatives. She
expressed her desire to not only sell Filipino products but also
share each product's story and the community it came from. She aims
to showcase the rich cultural heritage of the Philippines to the
global market, adding depth and authenticity to XRoads' offerings.
Through these engagements
facilitated by DTI, XRoads aims to expand its product range and open
up market opportunities for local artisans. As XRoads continues its
journey of exploration and collaboration, DTI's support remains
crucial in developing important partnerships and stimulating
economic growth in the Philippines.
29 years later,
Philippine Mining Act calls to be scrapped
By
KATRIBU
March 4, 2024
QUEZON CITY –
Indigenous and Moro Peoples' groups, along with environmental and
human rights defenders, trooped to the Department of Environment and
Natural Resources (DENR) on Monday, a day following the anniversary
of the implementation of the Philippine Mining Act of 1995 (Republic
Act No. 7942). The groups demanded the scrapping of the law,
decrying its 29 years of promoting destructive large-scale and
open-pit mining operations on Philippine soil and coastal seas.
Enacted during the
administration of former President Ramos, the mining law liberalized
the Philippine mining industry to bolster the country's economic
growth. However, nearly three decades later, mountains have been
flattened, rivers have become lifeless, and the well-being of the
people has been severely affected.
Critics of the law,
including Indigenous Peoples and environmental activists, stress
that the mining act has not yielded any positive progress for the
country and its people, but has rather facilitated the surrender of
national patrimony to avaricious foreign corporations. While RA 7942
does not guarantee 100% foreign ownership of mining companies, it
does grant leases of the country's lands to foreign corporations for
25 years, renewable for an additional 25 years thereafter.
Communities most afflicted
by mining companies are often those of Indigenous and Moro Peoples,
where lands have been protected and enriched for centuries. Mining
projects persist in encroaching upon ancestral lands and
territories, facilitated by the National Commission on Indigenous
Peoples (NCIP) through fraudulent and manipulated free, prior, and
informed consent (FPIC). This is often accompanied by the
militarization of communities, commonly supported by the National
Task Force to End Local Communist Armed Conflict (NTF-ELCAC) and
state security forces. Consequently, these actions have led to
widespread land-grabbing in Indigenous and Moro Peoples'
territories, causing significant loss of livelihoods and
displacement.
Over the years,
environmental disasters and tragedies have plagued communities
living around mining sites. In the Cordilleras, the Benguet, Lepanto,
and Philex mining corporations have wreaked havoc on the lives and
surroundings of the Igorot people. Most recently, the landslide
incident involving APEX mining in Maco, Davao de Oro, claimed nearly
a hundred lives.
The Philippine Mining Act
of 1995 is anti-people and anti-environment. Its continued
existence, along with the push for Charter Change (ChaCha) under the
Marcos Jr. administration, will only lead to further disasters for
the people and the environment. Therefore, it is imperative to call
for the repeal of the law and the enactment of pro-people and
pro-environment policies, such as the People's Mining Bill, among
others.
Philippines ratifies
WTO subsidies agreement, advancing fisheries sustainability
From
L to R: Department of Trade and Industry (DTI) Secretary Fred
Pascual, World Trade Organization (WTO) Director-General Ngozi
Okonjo-Iweala, and Department of Agriculture (DA) Secretary
Francisco P. Tiu Laurel, Jr. |
By
DTI-Bureau of
International Trade Relations
February 28, 2024
ABU DHABI, UAE – In time
for the 13th WTO Ministerial Conference (MC13) in Abu Dhabi, United
Arab Emirates, the Philippines has deposited its instrument of
acceptance of the WTO Agreement on Fisheries Subsidies (FSA) on 27
February 2024. The Agreement is a crucial step towards curbing
harmful subsidies and safeguarding the world’s depleting fish
stocks.
Department of Trade and
Industry (DTI) Secretary Fred Pascual and Department of Agriculture
(DA) Secretary Francisco P. Tiu Laurel, Jr. presented the country’s
Instrument of Ratification to WTO Director-General Ngozi
Okonjo-Iweala, making it the 70th Member to accede to the FSA.
The FSA prohibits
subsidies that contribute to illegal, unreported, and unregulated (IUU)
fishing, subsidies concerning overfished stocks, and subsidies for
fishing in the unregulated high seas.
At the same time, the FSA
provides flexibility to developing and least-developed countries to
provide subsidies up to and within the exclusive economic zone (EEZ)
for two years from the date of entry into force of the Agreement.
This provision benefits the country’s small-scale and artisanal
fisherfolks, who fish within their respective municipal waters.
According to DTI Secretary
Pascual, “The Agreement allows Members to grant subsidies for
disaster relief under certain conditions to support fisherfolks
impacted by natural disasters. This is vital to the Philippines,
being a climate-vulnerable country, especially since small-scale and
artisanal fisherfolks are heavily impacted by strong typhoons and
the increasing sea temperatures exacerbated by climate change.”
Moreover, the Philippines
can avail of technical assistance from the WTO Fisheries Funding
Mechanism to assist in implementing the disciplines and obligations
of the Agreement.
The Agreement was adopted
at the 12th WTO Ministerial Conference (MC12) in June 2022 and will
enter into force once two-thirds of the WTO Membership (i.e., 110)
have ratified it.
17 gov’t institutions
support FARM, sign MOU
Department
of Agrarian Reform (DAR) Eastern Visayas Regional Director
Robert Anthony Yu signs Memorandum of Understanding (MOU) in
support of the Farmers Assistance for Recovery and
Modernization (FARM) Project. |
By
JOSE ALSMITH L.
SORIA
February 23, 2024
TACLOBAN CITY – The
Department of Agrarian Reform (DAR) in Eastern Visayas joined other
government institutions on February 21 this year in expressing
support to the Farmers Assistance for Recovery and Modernization
(FARM) Project, which primarily aims to address the price of rice.
As a gesture of support,
DAR Regional Director Robert Anthony Yu together with
representatives from the Department of Agriculture (DA), National
Food Authority (NFA), Department of Social Welfare and Development (DSWD),
Technical Education and Skill Development Authority (TESDA),
Department of Labor and Employment (DOLE), Commission on Higher
Education (CHED), Department of Health (DOH), National Irrigation
Authority (NIA), National Economic Development Authority (NEDA),
Visayas State University (VSU), Philippine Rice Research Institute (PhilRice),
Philippine Center for Postharvest Development and Mechanization (PhilMech),
BPI, Tingog Partylist and the Office of the House Speaker, signed a
Memorandum of Understanding (MOU) on Wednesday afternoon at the NEDA
Regional Office in Palo, Leyte.
Other signatories to the
MOU are the Mayors from the Municipalities of Palo, Sta. Fe,
Alangalang and San Miguel, all in the province of Leyte, where the
project will be pilot tested.
Sofonias Gabonada Jr.,
Deputy Secretary General of the Office of the House Speaker,
explained that FARM Project is an initiative of the office of
Speaker Martin Romualdez designed to lower the price of rice by
utilizing and maximizing existing government interventions available
to farmers. He added that this is in response to President Ferdinand
Marcos Jr.’s call to identify creative solutions and mechanisms for
a more robust rice industry.
Meanwhile, Meylene
Rosales, NEDA-8 Regional Director, said, “This is a reason to
celebrate as this (project) will serve as a silver lining,” as she
believes FARM Project is one way to develop the agriculture sector.
BOI endorses P329-B,
2000 MW Danish offshore wind power projects for Green Lane
Undersecretary
and BOI Managing Head Ceferino Rodolfo (4th from L) awarded
the green lane certificate to Mr. Niels Holst, Partner and
Co-Head of the Growth Markets Fund (5th from L) during a
brief ceremony at the BOI Main Office in Makati City. |
By
DTI-Board of
Investments
February 23, 2024
MAKATI CITY –
Widening the playing field for renewable energy in the Philippines,
the Board of Investments (BOI), through its One-Stop Action Center
for Strategic Investments (OSAC-SI), granted a green lane
certification to Copenhagen Infrastructure New Market Fund
Philippines Corporation or CI NMF (PH) Corp. for its three offshore
wind power projects in North Samar, Pangasinan / La Union and
Camarines Sur / Camarines Norte on February 19, 2024.
Trade Undersecretary and
BOI Managing Head Ceferino Rodolfo presented the Green Lane
Certificates of Endorsement to CI NMF (PH) Corp. officials during a
brief awarding ceremony at the BOI Main Office.
A pioneer in offshore wind
projects, CI NMF (PH) Corp. is the first 100% foreign-owned company
to be awarded renewable energy service contracts in the Philippines.
CI NMF (PH) Corp. is an affiliate of Danish fund manager Copenhagen
Infrastructure Partners (CIP), the world’s largest fund manager
dedicated to renewable energy investments, and a global leader in
offshore wind.
In March last year, CI NMF
(PH) Corp. was awarded with three Wind Energy Service Contracts. The
offshore wind projects will have a combined capacity of up to 2,000
megawatts (MW) of power, with a variety of components including wind
turbines, foundations, cables, and substations. The specific
configuration will be defined through a rigorous procurement
process, additional engineering, and environmental evaluations
required by both national and international legislation and norms.
In the meeting with the
BOI officials, Mr. Niels Holst, Partner and Co-Head of the Growth
Markets Fund lauded the Marcos administration’s vision for renewable
energy, pointing out that CIP’s portfolio of projects in the
Philippines presents an exciting prospect of accelerated deployment
of offshore wind in the country.
“The Marcos government’s
vision for renewables has been instrumental in attracting
significant interest from a global leader in offshore wind like CIP,
first with the removal of the foreign equity restrictions in
November 2022, then the issuance of Executive Order 21 in April 2023
for a coordinated approach to offshore wind, and now the award of
the Green Lane status to our projects, which we highly welcome,” he
told the officials of the BOI.
According to Mr. Przemek
Lupa, Associate Partner, and APAC Lead for the Growth Markets Fund,
significant work has been done by their teams to progress the three
projects since the execution of the wind energy service contracts in
March last year. “Today is another significant milestone for CIP and
we strongly believe that the Green Lane status will materially
contribute to putting up the first offshore wind projects into
commercial operations within the Marcos administration. We look
forward to further working closely with the BOI and DTI to ensure
smooth project permitting and consenting,” he said.
In response,
Undersecretary Rodolfo thanked the officials for investing in the
Philippines. “Thank you for your interest and investment in the
Philippines. We will increase our coordination with other government
agencies. We'd like to bring in all of the agencies on one loop and
explain the requirements,” he added.
OSAC-SI will actively
monitor the progress made by agencies in processing permit and
license applications and will submit comprehensive reports
accordingly.
Cavite student leaders,
Save the Children unite against online sexual abuse
Press Release
February 21, 2024
QUEZON CITY –
Student leaders in Cavite are speaking out against Online Sexual
Abuse and Exploitation of Children (OSAEC) and Child Sexual Abuse or
Exploitation Materials (CSAEM) with Save the Children Philippines in
celebration of Safer Internet Day 2024.
About 30 High School
student leaders from Tagaytay, Trece Martires, Naic, Tanza, Silang,
and General Mariano Alvarez participated in the activity organized
by Save the Children under its Protect Children Philippines (PCPh)
Project on February 17 where their knowledge about OSAEC-CSAEM
prevention was reinforced.
So far, Save the Children
Philippines has trained more than 18,000 children and adults in
ensuring the safety and well-being of children online through its
PCPh Project.
"Most of us are not
familiar with the terms OSAEC and CSAEM, so it is essential for us
to learn about such terminologies because these are the stepping
stones I see for us, the youth, to raise awareness. Through this, we
can give voice and courage to those who have become victims of such
cases,” said Aleah, 17, President of the Supreme Secondary Learner
Government (SSLG) at Tanza National Comprehensive High School.
The Province of Cavite
ranks third in the country with destinations for suspicious OSAEC-related
transactions and largest proportion of domestic senders on OSAEC-related
remittances.
“Internet crime related to
children is a significant problem in the Province of Cavite. We are
trying to address it, but due to the size of the province and the
multitude of opportunities, we are facing challenges. Let's all work
together to end this. Let's have a safe Cavite. Let's Save the
Children," said Cavite Governor Jonvic Remulla on a video message.
The children and youth
participants provided recommendations to address the issue. Aleah
and her SSLG peers proposed to organize a symposium, an oratorial
speech competition, and a media literacy campaign – all of which
would highlight OSAEC-CSAEM. Other participants proposed organizing
theatre productions, workshops, community outreach, caravans, and
campaign festivals.
"We should know how to
speak up for the truth and our rights. So, if we know that what we
see online is not right, report it, do not share it. In that simple
act, you are already making a big difference for others,” Aleah
said.
Save the Children
Philippines advocated for the passage of Republic Act 11930 or the
Anti-OSAEC-CSAEM Law in 2022 and actively participated in the
development of its implementing rules and regulations in 2023. While
legal safeguards are in place, Save the Children firmly believes in
the vital role of children's active participation in fostering a
safer online environment.
PBBM inaugurates BOI-registered
submarine cable project
Making
faster internet speed happen in the Philippines: President
Ferdinand R. Marcos, Jr. (middle) led the lighting-up
ceremony for the Express Route of the InfiniVAN-initiated
Philippine Domestic Submarine Cable Network (PDSCN) in
Makati City on February 15, 2024. |
By
DTI-Board of
Investments
February 20, 2024
MAKATI CITY – Japan
stands as a cornerstone of foreign direct investments (FDI) for the
Philippines and tangible outcomes are now seen following President
Marcos' recent visit to Japan to further solidify both countries’
vital economic partnership.
On February 15, 2024,
President Ferdinand R. Marcos, Jr. spearheaded the lighting-up
ceremony for the Express Route of the InfiniVAN-initiated Philippine
Domestic Submarine Cable Network (PDSCN). Emphasizing the crucial
role of private sector collaboration, President Marcos articulated
in his address the significance of ensuring the provision of
"reliable and affordable internet services" to the Filipino people.
40% Japanese-owned
InfiniVAN registered P649 million of its Visayas and Mindanao
network rollout – an integral part of which is some of its
investment in the domestic subsea submarine cable project – with the
Board of Investments (BOI) which was approved last December 2023.
“I congratulate InfiniVAN
for this truly innovative project, as it can help open opportunities
in various regions in the country and can provide faster internet
for the Filipino people. This is a testament that investments from
the foreign trips of the President are coming to fruition. Rest
assured that there are many projects in the pipeline that will boost
the country’s economy and provide employment for Filipinos,” BOI
Chairman and DTI Secretary Alfredo Pascual said.
The company has already
activated its service in the following key areas in the country:
Iloilo, Bacolod, Boracay, Caticlan, Pinamalayan, Surigao, Palanas,
Bulan, and Placer.
Koji Miyashita, Chairman
of InfiniVAN Inc., said, “we started our telecom business here in
2015 before the amendments to the Public Service Act (PSA) took
effect, foreign restrictions notwithstanding. We were convinced
then, and more so now, that introducing healthy competition in the
telecom industry will encourage more foreign infrastructure
investments in the sector, improve quality of service, and bring
service prices down to more reasonable levels. The completion of our
PDSCN project reaffirms our conviction and is a testament that
‘coopetition’ works, having done it with erstwhile competitors
Eastern and Globe Telecom."
“With the amended PSA
taking effect, we have lined up additional investments in fiber
optic backbone infrastructure along toll roads, PNR routes and the
Metro Manila Subway Project among others. We are also looking into
building new submarine cable landing stations for international
cables as well as facilitating the launch of a Philippine flagship
satellite,” Miyashita added.
InfiniVAN’s PDSCN, a new
neutral fiber network infrastructure co-built with two other telecom
carriers, boasts substantial capacity to accommodate the data and
internet traffic needs of each island. In particular, the domestic
submarine cable spans approximately 2,500 km, connecting Visayas and
Mindanao to mainland Luzon through multiple landing points and
terrestrial fiber optic links.
Notably, President Marcos
recognized the contribution of Japan in making the said project
possible. “It is also a testament not only to Japanese ingenuity and
technological advancement that we strive to emulate but also to the
strong bonds of friendship that connect our two countries forever,”
said President Marcos in his speech.
Based on the report of the
Bangko Sentral ng Pilipinas (BSP), the biggest source of net FDI
flows from January to November 2023 was Japan with USD667.58
million. Japan is followed by Singapore (USD158.88 million), Germany
(USD149.80 million), and the United States (USD110.8 million).
The future looks promising
for the Philippines in terms of foreign investments, as proven by
high reinvested earnings and increasing foreign investment approvals
by BOI and other investment promotion agencies (IPAs). By building
on the momentum, the Philippines has a promising prospect as an
investment hub in Asia for foreign companies.