(DTI) on Monday admitted that the high cost of electricity in the country gives foreign investors second thoughts about investing in the Philippines.
DTI Secretary Gregory Domingo said that despite low turnout of foreign investors in the country, the Philippines was able to compensate through exports.
But Domingo added that electronics, which represents half of the total exports of the country, went
down by 9.1 percent after the tsunami tragedy in Japan.
“Japan is our biggest client of electronics and the effects are felt after the Fukushima incident but other sectors like garments, coconut and agricultural products heavily contributed to wipe out losses,” he told reporters during the weekly forum Kapihan sa Diamond Hotel, saying that the Philippines managed to gain more than 20 percent in overall exports.
When asked on what the Trade department has done to address concerns of the foreign investors, Domingo said that they have talked to the Department of Energy about it and that DOE vowed to talk to power suppliers to lower their rates.
According to him, it is difficult to convince power producers to lower their rates because of high cost of fuel in the international market but, since it is rainy season in the Philippines, hydroelectric plants are working, in the process contributing to trimming down the cost of electricity.
Domingo said that they were cooking something that would bring down the cost of electricity and the effect could be felt in the next three years.
He did not elaborate.
Domingo said that they are selling to foreign investors some provinces, where they could invest to give residents there jobs.
“Creation of jobs is also one of our priorities and we are marketing these (provinces) to foreign investors to trim down the number of jobless in the country,’ he explained.
The selling game, Domingo said, can also entice people to go back to their provinces, knowing that jobs are available and that they can work while living with their families.
This game, he added, gives Metro Manila a breather from the huge number of job-seekers from the provinces. –Sammy Martin, Reporter, Manila Times
March –
IT’S WOMEN’S MONTH!
“Respect and support women
every day of the year/s!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the recommendations of the 2021 ILO Commission of Inquiry
against serious violations of protocols of
Forced Labour and Freedom of Association.
Accept the National Unity Government (NUG)
of Myanmar. Reject Military!
#WearMask #WashHands
#Report Corruption #SearchPosts #TakePicturesVideos
Monthly Observances:
Women’s Role in History Month
Weekly Observances:
Week 1: Environmental Week;
Women’s Week
Week 3: Philippine Industry and “
Made-in-the-Philippines Products Week
Last Week: Protection and Gender-Fair Treatment
of the Girl Child Week
Daily Observances:
March 8: Women’s Rights and
International Peace Day;
National Women’s Day
March 4: Employee Appreciation Day
March 15: World Consumer Rights Day
March 18: Global Recycling Day
March 21: International Day for the Elimination
of Racial Discrimination
March 23: International Day for the Right to the Truth
Concerning Gross Human Rights Violations
and for the Dignity of Victims
March 25: International Day of Remembrance of the
Victims of Slavery and the Transatlantic Slave Trade
March 27: Earth Hour
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