DTI Unveils Top 5 Startup Finalists of ADVanCE for Creatives Program

03 April 2024, Philippines – The Department of Trade and Industry (DTI) has officially announced the top five startup finalists for the Accelerating Development, Valuation, and Corporate Entrepreneurship (ADVanCE) for Creatives Program on March 21, 2024, at the Launchgarage Innovation Hub in Quezon City.

Selected from an initial pool of eight growth-stage startups, the top five finalists underwent assessments focused on organizational capacity, business maturity, and readiness levels. In these sessions, DTI and Launchgarage evaluated each startup based on its product status, team dynamics, future objectives, and challenges, concentrating on how the program could support its growth. This ensured that the chosen finalists were not only well-prepared to navigate forthcoming challenges but were also positioned to make a significant impact on the creative sector through their innovative and scalable solutions.

The top five finalists are AniMattify, a startup transforming print ads into animations; KikoMonster Creative Studio, providing creative solutions from Zamboanga; Bihasa, merging instructional design with production for learning videos; ROC.PH Digital Marketing Services, assisting businesses and professionals through website management, digital marketing consultation, creative design, and strategy implementation; and Bentamo, a tech startup showcasing creative Filipino brands. The finalists will undergo intensive training based on the specific interventions identified during the needs assessment.

The ADVanCE for Creatives program, launched on December 5, 2023, aligns with the visions outlined in the Innovative Startup Act (ISA) and the Philippine Creative Industries Development Act (PCIDA). This initiative underscores DTI's commitment to fostering entrepreneurship and economic growth in the Philippines.

DTI Undersecretary for Competitiveness and Innovation Group Rafaelita M. Aldaba commended the selected startups, emphasizing DTI's dedication to supporting their growth. “We extend our heartfelt congratulations to the top five startup finalists of the ADVanCE for Creatives program,” said Usec. Aldaba. “DTI is proud to support the development of these promising startups as they contribute to the advancement of the Philippine Creative Industries.”

The finalists will benefit from comprehensive training through a series of learning workshops, mentorship from industry experts, and customized business matching and acceleration programs. The program will culminate in a demo day in April, providing an opportunity for the startups to showcase their progress and attract potential partners and investors.

In addition to ADVanCE, DTI previously unveiled ten select creative startups and enterprises for the Incubation, Development, and Entrepreneurial Assistance (IDEA) program, further bolstering the Philippine Creative Industries.The selected startups for IDEA are Wika, 7x7 Development Corporation, MVRK Simulations, Pamitisan Shoe Shop, Transcend Studios Inc., Kwentoon, Carisle Media Corporation, Produkto PH, DND Denim N’ Denim, and Brave Story.

DTI Invites Creative Startups to Jumpstart Businesses with IDEA, ADVanCE Programs

2 February 2024 Manila, Philippines - The Department of Trade and Industry, through the Competitiveness and Innovation Group (DTI-CIG), is looking for creative startup companies to onboard to their two programs designed to support and strengthen the creative industries in the Philippines.

The DTI-CIG, led by Undersecretary Rafaelita M. Aldaba, in partnership with startup accelerator Launchgarage, has launched the creatives edition of the Incubation, Development, and Entrepreneurial Assistance (IDEA) and Accelerating Development, Valuation, and Corporate Entrepreneurship (ADVanCE) programs aimed at providing customized support to creative startups in the Philippines to help them become market and investment-ready.

The application period is until 11 February 2024. To know more about the programs and submit applications, interested parties can visit the official websites of the IDEA program-creatives edition and the ADVanCE program, as well as the DTI-CIG Facebook page.

"The programs are a testament to the Philippine government's belief in the immense potential of Filipino creativity and entrepreneurship. By providing the much-needed support and platform, we are setting the stage for creative startups to not only thrive locally but also make a significant impact on the global stage. The creative sector is a vital component of our economy and cultural identity, and through initiatives like these, we aim to foster an environment where ideas can flourish, talents are honed, and success stories are born," Usec. Aldaba said.

The Philippine creative industries play a significant role in the national economy. Data from the Philippine Statistics Authority (PSA) revealed the creative economy amounted to P1.60 trillion in 2022, contributing 7.3% to the country’s gross domestic product (GDP). Furthermore, the sector was responsible for employing almost 7 million Filipinos that year.

The IDEA for Creatives edition will onboard 10 early-stage creative startups and enterprises to support and enhance their entrepreneurial capacity and readiness. Under the program, selected startups will participate in various educational workshops aimed at transforming their inventive business concepts into successful enterprises. Each will be paired with experienced mentors and coaches to guide them in their startup journey. The program culminates with a showcase event, where startups can present their ventures to program stakeholders, angel investors, venture capitalists, corporate representatives, and key figures in the ecosystem.

Early-stage startups that are operating in the Philippines with a minimum viable product, registered or in the process of registration to the Securities and Exchange Commission (SEC) or DTI, with 60% of its founders Filipino, and with at least two founders committed to the IDEA program, are eligible to apply.

Meanwhile, an initial pool of 10-15 startups will be chosen to participate in the ADVanCE for Creatives. After the preliminary screening, they will be assessed based on organizational capacity, business maturity, and readiness levels. From there, five participating startups will be selected to proceed to the acceleration phase and undergo intensive training based on the specific interventions identified from the needs assessment.

To be eligible, startups should be in their growth and expansion stage and are based in the country with at least two years of operations with revenue, SEC or DTI-registered, with 60% of its founders Filipino, and with at least two founders committed to the ADVanCE program.

DTI welcomes all creative startups within the domains of audiovisual media, digital interactive media, creative services, design, publishing and printed media, performing arts, visual arts, traditional cultural expressions, and cultural sites to apply to the programs.

"We call on all eligible creative startups to seize this unparalleled opportunity. Join us in this endeavor to transform your innovative ideas into successful enterprises and become part of a movement that celebrates and elevates Filipino talent and ingenuity," Aldaba shares.

The IDEA and ADVanCE programs are aligned with RA 11337, or the Innovative Startup Act, aimed at providing benefits and programs to strengthen, promote, and develop the Philippine startup ecosystem. Their latest cohorts will focus on the creative industries in accordance with Republic Act No. 11904 or the Philippine Creative Industries Development Act (PCIDA), which mandates the development of a vibrant and globally competitive Philippine creative sector by protecting and enhancing their rights and boosting economic capacities.

DTI in Bagong Pilipinas Kick-off Rally

MANILA CITY–Department of Trade and Industry (DTI) Secretary Fred Pascual joined the call for a Bagong Pilipinas at the Quirino Grandstand on 28 January 2024. The trade chief expressed the DTI's strong support for President Ferdinand R. Marcos Jr.'s vision to usher the country towards change and development. Aligned with President Marcos Jr.’s administration, the Department champions programs aimed to boost employment, foster business growth, and safeguard consumer rights.

Secretary Pascual reaffirmed the DTI’s steadfast commitment to fostering inclusive economic growth as envisioned in the Philippine Export Development Plan (PEDP) 2023-2028. Among the key priorities that he outlined include maximizing the economic opportunities from free trade agreements, which enabled secured market access for the country's export products. He added that the Department will continue to forge green lanes for strategic investments that will promote high-quality and better-paying jobs.

DTI-Competitiveness & Innovation Group

CALIFORNIA, USA—Following the Signing of a memorandum of agreement between the Department of Trade and Industry (DTI) and Plug and Play in November 2023, the Philippine delegation to the 2024 Consumer Electronics show met with Plug and Play co-founder Jojo Flores on 16 January 2024 at their Silicon Valley headquarters. The meeting deep dived on the use-cases of the partnership based on the Plug and Play’s growth model for supporting and scaling tech startups.

During the discussion, Plug and Play introduced its Horizon Philippines program which aims to champion a national startup strategy, foster entrepreneurship, boost economic growth, and position the country as a regional technology and innovation hub—leading towards an IP-based economy.

As a use-case, the Philippines has a robust electronics manufacturing sector (OEM) and the partnership with Plug and Play is envisioned to develop an ecosystem with OEMs, System integrators (Tier 1), Chip designers: IDM & Fabless (Tier 2), Foundries (Tier 3), and Equipment & Packaging. Such an ecosystem will be a platform for fostering the development of new products and services that will be key to future-proofing and revolutionizing our industries

DTI: Stay Vigilant Against Holiday Scams for Balikbayan Box Transactions

The Department of Trade and Industry-Fair Trade Enforcement Bureau (DTI-FTEB) reminds the public to be vigilant especially the Overseas Filipinos (OFs) and Overseas Filipino Workers (OFWs) when sending their balikbayan boxes this coming holiday season as influx of shipments is expected.

The FTEB implements the accreditation of seafreight forwarders (SFF) as part of its mandate to protect consumers from fly-by-night or unaccredited companies and entities.   

  

As of November 2023, the DTI-FTEB has issued 736 SFF accreditation of which 153 are engaged in Balikbayan box shipments.  

 

From 2018 to December 2023, the DTI-FTEB received and mediated a total of 520 complaints involving undelivered Balikbayan boxes. The following should serve as tips to the public when dealing with sea freight forwarders:  

 

• Check the list of Foreign Freight Forwarders and their DTI-accredited Philippine counterparts/agent from the DTI website to validate information:
  https://www.dti.gov.ph/consumers/accredited-seafreight-forwarders.  fairtrade@dti.gov.ph  
• Take note of the items not allowed to be sent through balikbayan boxes (e.g., currencies, checks, jewelries, firearms, ammunitions and explosives, etc.)  
• Declare all the contents of your balikbayan box per item and its corresponding value in the packing list.  
• Secure shipping documents such as official receipt, cargo receipt, invoice, Bill of Lading, shippers’ declaration or waybill.  
• Get the name and contact details of the foreign consolidator’s Philippine counterpart or agent-freight forwarder which should be accredited by the DTI.   
• Beware of exceptionally very low rates.  
• Beware of people posing as representatives of consolidators in your place. Ask for proper identification, check with the consolidators if they are an employee or authorized to represent the said companies.  
• Monitor the movement of your cargo from origin to destination.   
• Ask the consolidators on how to procure insurance for your cargoes.  
• Inform your consignee to check your cargo with the Philippine agent even before it arrives.  

DTI-FTEB Director Fhillip D. Sawali reminds the public to transact with accredited SFFs, especially during the holiday season as their legitimacy can be verified.    

Freight fowarders and firms found to be in violation of existing policies on balikbayan boxes shall be penalized such as imposition of administrative fines, issuance of cease orders, or suspension of cancellation of accreditation pursuant to applicable DTI rules.  

 

To ensure the delivery of balikbayan boxes, the DTI reminds the public to frequently visit the following sites:  

1. https://www.dti.gov.ph/konsyumer/accredited-seafreight-forwarders/ (list of accredited seafreight forwarders and their Foreign Agents sending Balikbayan Box) to get the contact information of Philippine agent-forwarder that should deliver the cargo.  
2. https://parceltracking.customs.gov.ph/kiosk.php (Bureau of Customs Parcel and Balikbayan Box Tracking System).  The BOC may be reached through BOCCares@customs.gov.ph for inquiries if the shipments are not yet cleared for delivery from BOC.  

DTI also encourages the consumers to report any unlawful acts and/or violations in relation to sea freight forwarding services. Complainants within the National Capital Region may file a complaint supported with documents, such as official receipts, cargo receipts, shippers’ declaration, house bills of lading, or waybills with the DTI-FTEB. Consumer complaints may also be sent through  consumercare@dti.gov.ph email or by calling the consumer care hotline at 1-DTI (1-384).

DTI Releases Noche Buena Price Guide; Trade and Industry Chief Urges Consumers to Compare Products and Exercise Right to Choose

MAKATI CITY–On 22 November 2023, the Department of Trade and Industry (DTI) has released this year’s Noche Buena Price Guide for the information and guidance of consumers in light of the upcoming holiday season.   

“One of the Department’s mandates is to promote consumer rights and responsibilities. During this holiday season, we are highlighting consumer’s right to choose, and the responsibility for critical awareness, specifically the responsibility to compare prices. As such, the DTI published the Noche Buena Price Guide, urging consumers to consider all available options for their Noche Buena needs. Through this, we are giving our consumers the options to compare and choose the products that suit their budget and taste,’’ Secretary Fred Pascual said. 

Currently, the price guide has 240 Stock Keeping Units (SKUs) from 22 Noche Buena manufacturers. The Noche Buena list consists of 12 categories: Ham, Fruit Cocktail, Cheese, Keso de Bola, Mayonnaise, Sandwich Spread, Pasta/Spaghetti Noodles including, Elbow and Salad Macaroni, Spaghetti and Tomato Sauce, and All-Purpose Cream.  

This year’s Noche Buena Price Guide features tips for consumers and highlights SKUs with no change in or have decreased prices.  A total of 21 SKUs decreased their prices while 34 had no price change.   

For this year, the prices of ham ranges from PHP169.00 to PHP898.50; queso de bola from PHP210.00 to PHP445.00; fruit cocktail from PHP57.72 to PHP293.86; cheese from PHP47.15 to PHP420.00; mayonnaise from PHP24.70 to PHP245.85; all-purpose cream from PHP36.00 to PHP6.00 sandwich spread from PHP27.00 to PHP263.60; pasta/spaghetti from PHP25.50 to PHP113.00 elbow macaroni from PHP23.00 to PHP124.00; tomato sauce from PHP15.50 to PHP92.25; salad macaroni from PHP36.50 to PHP123.00 and spaghetti sauce from PHP23.55 to PHP103.00.  

Based on several meetings of DTI officials with manufacturers, they committed to keeping these prices effective until Media Noche this year. 

Further, consumers are also urged to watch out for discounts, promo deals, and giveaways to get the best value for their money. 

The 2023 Noche Buena Price Guide may be accessed on the DTI website. 

For consumer-related concerns and queries, you may send an email to ConsumerCare@dti.gov.ph or reach us through the One-DTI (1-384) Hotline. 

President Marcos Jr. Orders DTI to Facilitate Distribution of Financial Aid to Affected Retailers

MANILA—On Monday, President Ferdinand R. Marcos Jr. ordered the Department of Trade and Industry (DTI) to facilitate the immediate distribution of financial aid to retailers who might be affected by the implementation of the Executive Order No. 39, s. 2023, which sets the price ceiling of regular-milled rice at PHP41.00/kilogram and well-milled rice at PHP 45.00/kilogram.

"Habang kami ay nasa Jakarta, ay walang tigil po ang aming pagtutok sa sitwasyon na ngayon na ating hinaharap tungkol sa bigas. Naunawaan na namin at nakita agad na mayroong mga retailers na maiipit dahil sila ay bumili ng mahal na bigas, ngayon ay mapipilitan sila maipagbili 'yung mahal na bigas sa murang halaga. Kaya't mayroon tayong plano, sa kasalukuyan, ang ating DTI, ang ating Department of Agriculture ay gumagawa ng listahan ng ating mga rice retailers. Habang ginagawa 'yan, kinakalkula rin kung ano ang magiging lugi noong mga rice retailers dahil nga sa price cap," President Marcos Jr. said in his departure statement ahead of his attendance to the 43rd ASEAN Summit and Related Summits in Jakarta, Indonesia.

With this, Trade and Industry Secretary Fred Pascual ordered the creation of a Special Task Force that will ensure the efficient implementation of the said E.O.

“Sa mga kasamahan ko sa DTI na naka-assign sa rice task force, sama-sama nating gampanan ang ating tungkulin nang maayos at mahusay.", Secretary Pascual said in a message.

In coordination with other government agencies and stakeholders, the Department will implement the following forms of assistance to rice retailers/wholesalers, including small supermarkets that will be affected by the price ceiling: (1) Financial Assistance; (2) Loan Programs; (3) Logistics Support; and (4) Market Linkages and Support.

Through the Department of Social Welfare and Development (DSWD), a financial aid or compensation will be given to retailers/wholesalers in wet markets and neighborhood sundry stores to cover the difference between the cost of the current inventory of rice and the price ceiling. The government will likewise provide transportation in delivering rice from traders to retailers to reduce logistical costs.

Further, market linkages will be established to link local farmers with supermarket chains and other retailers and promote bulk buying or advance purchase of supermarkets, restaurants, hotels, resorts, and other commercial establishments.

As convened by Assistant Secretary Uvero, members of the Special Task Force agreed to start the conduct of the profiling and validation within the day in coordination with the DA, Local Government Units (LGUs), and the Local Price Coordinating Councils (LPCCs). Likewise, DTI will mobilize associations to gather list of retailers and properly identify potential beneficiaries.

"Currently, we are working with other government agencies to facilitate the profiling and validation of retailers, which shall be the basis for the distribution of financial aid by DSWD as early as next week. We are also set to conduct visits in warehouses in various locations to ensure that there is enough supply and discourage hoarding. As instructed by DTI Secretary Fred Pascual, the task force will ensure that consumers are protected and retailers will receive the assistance they need as the E.O. takes effect," Asec. Uvero said during the meeting.

In aid of efficient monitoring and implementation, the DTI also assured the conduct of day-to-day joint monitoring activities with DA beginning 5 September 2023 to ensure that the price ceiling is being followed in various wet markets, supermarkets, and sundry stores. 

Go Lokal Takes to the Skies with Air Asia Partnership

Go Lokal Takes to the Skies with Air Asia Partnership The Department of Trade and Industry (DTI) and AirAsia recently made history with the signing of a Memorandum of Agreement making Air Asia the first international airline to carry Go Lokal products and showcase the Philippines’ finest local products in both domestic and global flights.

In the photo are Air Asia CEO Ricardo P. Isla and DTI Assistant Secretary Glenn G. Peñaranda. Joining them are Director Marievic M. Bonoan of the DTI-Bureau of Domestic Trade Promotion and Air Asia Ancillary Manager Pax Paloma

DTI Secretary Pascual Distributes Assistance to Small Businesses in Samar and Pampanga

On 17 July 2023, President Ferdinand R. Marcos Jr. together with Department of Trade and Industry (DTI) Secretary Fred Pascual led the opening of the Kadiwa ng Pangulo Caravan and the distribution of financial assistance for micro, small, and medium enterprises (MSMEs) in the province of Pampanga. As part of the program, President Marcos witnessed the signing of a Memorandum of Agreement (MOA) by different government agencies to expand the Kadiwa ng Pangulo in various Local Government Units (LGUs).

The Kadiwa ng Pangulo aims to provide high-quality and affordable agricultural products to Filipino consumers. Meanwhile, the distribution of financial assistance aims to aid small businesses affected by the COVID-19 pandemic, calamities, and disasters to help them recover and restart their businesses.

The said MOA was signed by different government agencies that were part of the Kadiwa ng Pangulo namely: Department of Trade and Industry (DTI), Department of Interior and Local Government (DILG), Department of Agriculture (DA), Department of Labor and Employment (DOLE), Department of Social Welfare and Development (DSWD), Presidential Communications Office (PCO), and Presidential Management Staff (PMS).

Following the Kadiwa ng Pangulo conducted in Catarman, Samar last 14 July 2023, the simultaneous opening of Kadiwa Caravans only shows the administration's unwavering commitment to ensure every Filipino's access to affordable goods.

Aside from this, the Kadiwa is instrumental in expanding the market reach of products and services produced by MSMEs that are also supported by the DTI. Through this program, MSMEs were given spaces or booths where they can sell their products.

Together with President Marcos Jr., Secretary Pascual expressed strong support and cooperation of the DTI in expanding the Kadiwa ng Pangulo in different areas of the country. Kadiwa is also an important aspect in pursuit of the goal of attaining food security.

Through the Kadiwa ng Pangulo in Catarman, the DTI distributed assistance to four (4) beneficiaries of the RISE UP Micro Multi-Purpose Loan Program which received PHP 300,000 each. The DTI also provided financial assistance to one (1) beneficiary of the Wholesale Microfinance Program amounting to PHP 3,500,000. In total, the DTI was able to distribute financial assistance amounting to PHP 4,700,000 to the residents and small businesses in Samar.

Further, sixteen (16) beneficiaries of the Pangkabuhayan sa Pagbangon at Ginhawa (PPG) Program in San Fernando, Pampanga received PHP 11,900 each. Aside from this, seven (7) beneficiaries of the RISE UP Micro Multi-Purpose Loan Program received assistance amounting to PHP 6,351,000. In total, the DTI granted financial assistance to small businesses in San Fernando, Pampanga amounting to PHP 6,541,400. The ceremonial distribution of various government assistance today was held at the Benigno Aquino Hall in the capitol of San Fernando.

The Kadiwa ng Pangulo will simultaneously open in different parts of the country through the collective efforts of different agencies involved in the MOA signed today.

“As part of our mandate to ensure every Filipino's access to affordable and high-quality basic necessities and prime commodities, we at DTI will continue to work collaboratively with different government agencies to strengthen and expand the Kadiwa ng Pangulo. I express my deepest gratitude to President Marcos Jr. for this Kadiwa as this also helps MSMEs promote their products and reach wider markets,” Secretary Pascual added.

2023 NATIONAL FOOD FAIR INVITES FOODIES TO “GO DISCOVER, TASTE, ENJOY!”

With economic activity back in full swing, one of the country’s most popular trade shows, the 2023 National Food Fair: Philippine Cuisine and Ingredients Show, will once again delight foodies with a 5-day event scheduled for July 12-16 at the Mega trade Halls 1-3 in SM Megamall, Mandaluyong City.

Themed “Go Discover, Taste, Enjoy!” fairgoers will be treated to a wide selection of cooked and processed food, fresh produce and agricultural products, wines and beverages, and many others, from the country’s 16 regions. In addition, there will be innovative and sustainable food products and eco-friendly kitchen accents for the home and even for hotels and restaurants.

The NFF will highlight the fusion of science and tradition that distinguishes today’s Philippine food industry by promoting innovative food products generated by biotechnology and new production techniques from landmark researches that could disrupt the Philippine food value chain. A particular focus will be high-value coconut-based food products, healthy snacks, and innovative food and beverages. The show will also include cooking demonstrations by Filipino chefs, and business talks by food experts, government partners, and collaborators in the food industry.

The 2023 National Food Fair promises to elevate the food fair experience with show highlights that include:

●       Kusinang Filipino with Live Cooking Demonstrations and Business Talks

●       Philippine Coconut Industry Pavilion and Coconut-Based MSME Cluster

●       Philippine Food Industry Innovations Lounge

●       Philippine Fruits and Nuts Pavilion

●       Innovative and Biotech Products Cluster

●       The Rural Agro-Industrial Partnership for Inclusive Development and Growth (RAPID Growth) Project Pavilion

●       Fresh Produce Pavilion

●       KAPEtirya (Philippine Coffee Pavilion)

●       Philippine Island Wine, Beer, and Juice Bar

●       Digital Partners’ Space

●       #FlexPHridays Corner

Embracing the shift to digital and incorporating e-commerce into the marketing mix, the 2023 National Food Fair will have an online counterpart on Lazada, with featured exhibitors making their products available to all corners of the Philippines because you don’t have to be at the venue to enjoy the flavors and delicacies from the different regions.

A central feature of the 2023 National Food Fair is a daily program of activities consisting of entrepreneurship talks, live cooking demonstrations, wine-mixing tutorials, and presentations on various food and business-related topics. This is open to the public and free of charge. At the same time, the program will be livestreamed on BDTP social media channels to provide access for remote viewers.

The formal opening of the 2023 National Food Fair is set for Wednesday, July 12, with top DTI officials as well as guests from partner-agencies in attendance.

To know more about the 2023 National Food Fair and other programs of the DTI-Bureau of Domestic Trade Promotion, please follow their social media accounts on Facebook (DTI.BDTP), Instagram (dti.bdtp), and Twitter (@DTI_BDTP). You may also email BDTP Director Marievic M. Bononan at bdtp@dti.gov.ph.

DTI Chief: PH is Open for Business; Highlights the Country's Initiatives on Improving Ease of Doing Business

PARIS, FRANCE–During the roundtable meeting with MEDEF International, a non-profit private-funded organization composed of representatives from French businesses on 20 June 2023, Department of Trade and Industry (DTI) Secretary Fred Pascual presented the Philippines as an ideal investment destination with the aim of fostering potential partnerships and collaborations with French companies.

In his message, Secretary Pascual acknowledged that MEDEF International is instrumental in strengthening trade and investment relations between the Philippines and France.

"Recently, we witnessed the visit organized by MEDEF International for its members in the Philippines, where many of your companies participated. These developments indicate not only the interest and confidence of the French companies in the Philippines but also the strong relationship we enjoy at the business level", Secretary Pascual said.

Further, he emphasized that the Philippines is open for business and that the recent game-changing economic reforms such as the Corporate Recovery and Tax Incentives for Enterprises (CREATE), amended Public Service Act (PSA), amended Foreign Investments Act (FIA), and the amended Retail Trade Liberalization Act are testaments to the country's goal of attracting global players who can modernize our domestic industry and service sectors while diversifying and expanding exports.

"With the reforms I highlighted, the Philippines has seen significant investments in various industries. Our Board of Investments (BOI) recorded a 200 percent surge in foreign investments in 2021, totaling EUR 11 billion across 235 projects. From 2020 to 2022, the Philippines received a total Net Foreign Direct Investment (FDI) Flow of USD 28 billion, with Europe accounting for a significant portion," he shared.

Likewise, he mentioned that the government has initiated to roll out the Philippine Business Hub (PBH), a platform that aims to simplify business transactions through digital and online processes.

"This initiative streamlines the registration of businesses, permit renewals, and other activities, making it easier and faster to conduct business in the Philippines," he added.

Most importantly, Secretary Pascual sought the support of French businesses in pursuit of one of the most important agenda of the Philippines with Europe, the renewal of the European Union Generalised Scheme of Preferences Plus (EU-GSP+) preferences and the resumption of the negotiation for the Philippines-European Union Free Trade Agreement (PH-EU FTA).

About thirteen (13) companies from various sectors such as finance, infrastructure, manufacturing, services, and transportation attended the roundtable meeting and expressed positive outlook toward the opportunities available in the Philippines for French businesses as presented by the delegation.

Pascual bats for a stronger PH-UK Trade Scheme Relations

MAKATI CITY– Department of Trade and Industry (DTI) Secretary Fred Pascual welcomed the launch of the new UK Developing Countries Trading Scheme (DCTS) to replace its Generalised Scheme of Preferences (GSP). Secretary Pascual described the DCTS as having “more generous terms than the GSP.”

During the launch of this UK DCTS on 07 June 2023, Secretary Pascual stressed the Philippine government’s efforts in strengthening its trade and economic activities. Through the UK DCTS, the country looks forward on having access to duty-free, quota-free trade on 92 percent of our eligible goods—or 99 percent of our exports to the UK which estimates a tariff savings of 21 million euro.

In his speech, Secretary Pascual emphasized that “The Philippines and the UK have worked closely for several years so that our respective countries may enjoy and foster stronger economic ties. In 2019, under the European Union Generalised System of Preferences Plus (EU GSP+), the UK was the Philippines' third destination market for exports. The Philippines' exports to the UK also increased by 15 percent from 2020 to 2021. And in 2021, the UK was the Philippines' 21st trading partner and fourth source of approved investments.”

The DCTS aims to improve access to the UK market for goods imported from eligible developing countries. It will also offer about 750-million-euro tariff reductions per year from its 65 country beneficiaries. Its three tiers include (1) comprehensive (LDC) preferences for all goods except arms and ammunitions; (2) enhanced preferences for wide number of product lines that are economically vulnerable; and, (3) standard preferences for certain product lines that are subject to goods graduation.

For the Philippines, the DCTS will lower or remove tariffs on more than 150 products including agricultural produce such as tomatoes, milk and cream, cheese, grains, tropical fruits, and animal and vegetable oils. Further, in demand electronic products and optical instruments will also benefit from preferential tariffs. Likewise, the goods that will benefit the most from the said scheme are those from the tuna and t-shirt sectors.

Aside from tariff reduction, the scheme also highlights the benefits of the provision for simpler rules and procedures, including the rules of origin. Through the simplified trade conditions and regional cumulation measures, Philippine exporters will benefit as they can source components, from other Southeast Asian countries while still claiming it as originating from the Philippines.

Further, to promote trade and investment opportunities, the current administration will be keen on implementing the Philippine Development Plan 2023-2028 (PDP), which will utilize trade and investments as drivers of job creation and poverty reduction.

In support of PDP, DTI also formulated the Philippine Export Development Plan 2023-2028 (PEDP), which the President already approved yesterday. This aims to capitalize on export opportunities to integrate our products in the global value chain in order to realize our vision of making the Philippines an agile export powerhouse.

Hence, the Department will undertake an industry-centric and firm-centric approach in capacitating our export ecosystem. Specifically, the DTI will prioritize three industrial clusters for our investment-driven approach. These clusters include the (1)Industrial Machinery and Transport (IMT); (2) Technology Media and Telecommunications (TMT); and, (3) Health and Life Sciences (HLS).

In his closing remarks, Secretary Pascual stressed that “A continued partnership with the UK Government will sustain our efforts to enhance trade and investment with the UK. We at the DTI are grateful to the British Embassy in Manila, and the UK Department for Business and Trade, for the Philippines-UK Economic Dialogue since 2019. And I look forward to our Fourth Dialogue this year. There, we can continue our discussions on enhancing our economic ties so our economies can grow and expand.”