The Department of Trade and Industry (DTI) reported on Thursday a 64.65-percent increase in investments in the first quarter of the year, compared to P83 million generated during the same period last year.
Trade Secretary Ramon Lopez lauded the continuous inflow of investments in the country, which created 12,013 much-needed jobs at a time when 4 million workers are unemployed amid the economic disruption caused by the novel coronavirus disease (Covid-19) pandemic.
New industries
Among the latest employment-generator is the manufacturing of internationally certified and medical grade personal protective equipment (PPE), such as face mask, and other medical equipment.
“So for example for mask, 2.4 million pieces per month of N95 mask were manufactured. Before [the pandemic] this was in zero capacity,”Lopez said during the public address of President Duterte on Wednesday evening.
Other newly established industries in the country brought about by the pandemic, Lopez said, are the manufacturing of coveralls, ventilators, and filters for face masks.
He said BOI is now also in talks with six companies interested in setting up a vaccine manufacturing plant in the country.
“We are doing this so we will no longer rely on imported vaccine in the future,” Lopez said.
The trade chief noted that among the recent emerging popular businesses are e-commerce related, which involves deliveries due to the still existing movement restrictions.
“E-commerce business registration has now reached 88,000. This started from 1,700. So it is now 40 times bigger compared to last year,” Lopez said.
Loan, livelihood support
Aside from the attracting more investors, Lopez said the DTI is also engaged in providing loan support for companies struggling to cope with the quarantine restrictions imposed due to the pandemic.
As of March 23, 2021, DTI was already able to release around P2.6 billion worth of loans through its Covid-19 Assistance to Restart Enterprises (CARES) programs.
A total of 22,310 micro, small, and medium enterprises availed of the loan.
They were also able to extend livelihood kits and entrepreneurship seminars to at least 26,000 beneficiaries.
Government economic managers earlier project the economic impact of Covid-19 will persist beyond this year, which will require additional support for local businesses.
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