00:00 Foreign direct inflows or investments are crucial to the nation's sustained economic
00:04 progress.
00:05 And after three months in a row of shrinking or contraction, the country finally broke
00:10 out of a mini slump and put up a noteworthy 28% year-on-year growth equal to north of
00:16 a billion US dollars.
00:19 Even more proof of the presidential visits continuing to hit pay dirt as our Soojin Kim
00:23 details more figures in this report.
00:28 Foreign direct investments or FDI inflows saw a notable increase across various sectors.
00:34 FDIs drive economic growth while fostering technological advancements and generating
00:39 employment opportunities.
00:41 The Bank Sentral ng Pilipinas recorded the inflows as follows.
00:45 Manufacturing led in gross placements of equity capital by half, followed by real estate and
00:50 financial insurance.
00:52 As highlighted by the BSP, net inflows of FDIs is a crucial indicator of the Philippines'
00:57 investment climate.
00:58 FDI net inflows surged by 27.8% year-on-year in November 2023, surpassing US$1 billion.
01:07 This growth broke three consecutive months of contraction.
01:11 Department of Trade and Industry Secretary Fred Pascual emphasizes the significant impact
01:16 of President Ferdinand R. Marcos Jr.'s state visits on the Philippine economy.
01:21 Presidential visits bolstered the influx of investments, which injected vitality into
01:25 the Philippine economy.
01:26 Meanwhile, the Philippine Statistics Authority, or PSA, also highlights the decrease in the
01:31 number of unemployed Filipinos.
01:34 The country recorded a 96.9% employment rate in December of last year.
01:40 This translates to 50.52 million Filipinos having much-needed employment.
01:44 Department of Trade and Industry Secretary Pascual adds that as foreign investments materialize,
01:50 the Philippines will reap the long-term benefits of sustained economic expansion and employment
01:55 generation.
01:56 The National Economic and Development Authority, or NEDA, also says that the rising employment
02:02 rate in the country will mitigate the impact of higher inflation.
02:05 This, as household income from employment opportunities strengthen the purchasing power
02:11 of Filipinos.
02:12 Meanwhile, the National Anti-Poverty Commission says the number of Filipinos with jobs in
02:17 the formal sector is returning to pre-pandemic levels.
02:20 "Our normal activities are slowly returning, especially in construction.
02:27 We have a lot of construction now, infrastructure, highways.
02:33 We just got out of Metro Manila.
02:37 We are seeing a lot of construction now."
02:41 "It's hard to find skilled workers now."
02:46 "That's why our plan is to strengthen our technical education development authority."
02:56 NAPSEA formal labor and migrant workers' sectoral council representative Danilo Lacerna says
03:02 this was preceded by the increase in demand of seasonal workers, which he adds is the
03:07 reason why our Filipino industrial workers should be supported through trainings in the
03:12 renewable energy and construction sectors.
03:15 Soojin Kim, from the National TV Network, for The New and Better Republic.
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