PH econ team to integrate various gov’t efforts to attract more foreign investments – NEDA

The Marcos Administration’s Economic Development Group (EDG), under the coordination of the National Economic and Development Authority (NEDA), is intensifying its integration of various government efforts to boost the Philippines’ appeal to foreign investors.

This initiative was confirmed by NEDA, acting as the EDG secretariat, following the group’s fifth meeting which took place on February 19, 2024.

At this high-level meeting, the member agencies of the EDG synchronized their initiatives to streamline the entry of foreign investments, particularly in the renewable energy, critical minerals, and agriculture sectors.

The participating agencies reached a consensus on the strategies needed to overcome existing obstacles and hasten the processes necessary to advance the renewable energy projects currently outlined by the government.

Moreover, the meeting facilitated discussions on converting the growing interest of investors in critical minerals into actual investments, focusing especially on mineral processing and green technologies within key strategic value chains.

Secretary Frederick Go, serving as the Office of the Special Assistant to the President for Investment and Economic Affairs and as the EDG Chairperson, emphasized in his opening remarks the EDG’s pivotal role in orchestrating actionable strategies across departments.

This coordination aims to prevent overlap in efforts and to ensure that the actions of all pertinent agencies are in sync.

The Department of Agriculture and the Department of Agrarian Reform briefed the group on their initiatives to promote clustering and consolidation, which are expected to enhance agricultural productivity and elevate farmer welfare.

The meeting also saw the inclusion of additional stakeholders and expert institutions, such as the Department of Justice, Department of Environment and Natural Resources, Bangko Sentral ng Pilipinas, and the Laguna Lake Development Authority, all contributing to the comprehensive approach to fostering economic growth and investment.