dti – iNews.com.ph
Australian firms to invest $40.4M in PH

Three Australian companies have unveiled plans to invest $40.4 million in the Philippines, the Department of Trade and Industry (DTI) said.

In a statement on March 21, DTI said the Australian firms have expressed their interest during the visit of Trade Secretary Ramon Lopez for ASEAN-related event.

Through letters of intent (LOIs), the three foreign firms presented their plans.

R. Lapid seeks to allot $10 million for a biomass facility, DTI said, also noting that the construction of the plant is now underway.

JBC Ventures, meanwhile, proposed a $30-million hotel condominium project in Mactan Island in Cebu.

The third project–with an initial investment of $400, 000–was an assembly plant of FLEETLOGIC Group of Companies and Shareholders. This facility is expected to be running by January 2019.

Lopez urged Australian firms to continue investing in the Philippines given its strong economy and the current administration’s push for improvements in the business system.

Gov’t to strengthen export promotion program this 2018

The Department of Trade and Industry (DTI) targets to intensify its export promotion to other key industries this year.

Through its Regional Interactive Platform for the Philippines Exporters (RIPPLES) Plus Program, the DTI is supporting the micro, small, and medium-sized enterprises (MSMEs) to expand their businesses to export markets.

The program provides participating enterprises and large firms positive interventions through personnel training and capacity building, investment, marketing and promotion, support for innovation, product development and design, and market access facilitation through mutual recognition agreements and certifications.

This year, the agency is committed to heighten the reach of RIPPLES to the food, agri-marine, and services industries, as well as the industrial sectors. The program will be assisting Philippine exporters “by updating them on latest trends and market requirements.”

“The conduct of the product development included the translation of the text of the chichacorn labels in Arabic language. This will open new export markets of my chichacorn products specifically in the Middle East,” said Clemencia Padre, a local snack food entrepreneur and program participant from Region 1.

DTI said last year that it was able to help 408 exporters and implement 33 marketing and promotional activities, which aimed at enhancing Filipino exporters’ capabilities to be competitive in the global export market and contribute to the Philippines’ economic development.

It is a joint program of the Export Marketing Bureau (EMB), DTI-Regional Operations Group, Philippine Trade Training Center, Center for International Trade Expositions and Missions, Design Center of the Philippines, Bureau of Domestic Trade Promotion, and Philippine International Trading Corporation.

In 2017, the Philippines’ exported merchandise was 9.5 percent higher than 2016, while total exported goods registered $62.87 billion. With growth seen on non-electronic products, the DTI attributed this increase to the government’s efforts to ready Filipino exporters for the global market.