MALAYSIAN investments registered with investment promotion agencies (IPA) reached $1.66 billion last year, according to the Department of Trade and Industry (DTI).
“From five major investments from Malaysia alone, IPA-approved investments between 2018 and 2020 is already valued at US $ 1.66 billion,” Rose Katrina V. Banzon, commercial attache of Philippine Trade and Investment Center (PTIC)-Kuala Lumpur, was quoted as saying in an emailed statement on Friday.
PTIC Kuala Lumpur is the DTI’s representative office in Malaysia.
She said the PTIC-Kuala Lumpur, Board of Investments and Philippine Economic Zone Authority, among others, facilitated these investments.
DTI Secretary Ramon M. Lopez said Malaysia as a top trading partner and investment source fr the country, noting “strong” appetite among Malaysian investors despite the pandemic.
“In 2020, Malaysia ranked as the 10th trading partner of the Philippines, with balance of trade in the favor of Malaysia. In terms of investment, Malaysia was the 12th source of IPA-approved investments, registering a growth of 43.90% from previous year,” he said.
The Trade department said a Malaysian investment of $130 million was recently committed, adding that it covers some key sectors. It did not give further details.
Priority sectors of investments from Malaysia include manufacturing, agribuinsess, services, infrastructure projects, property development, construction services and energy. — A.Y. Yang