(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
September 18 –
International Equal Pay Day
“Increase wages now,
more than other cost items.
For widespread, practical equality!”
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
September –
5 Sept – Intl Day of Charity
7 Sept – Intl Day of Clean Air for Blue Skies
8 Sept – International Literacy Day
12 Sept – United Nations Day for South-South Cooperation
15 Sept – International Day of Democracy
16 Sept – International Day for the Preservation of the Ozone Layer
17 Sept – World Patient Safety Day
18 Sept – International Equal Pay Day
21 Sept – International Day of Peace
26 Sept – International Day for the Total Elimination of Nuclear Weapons
27 Sept – World Tourism Day
28 Sept – International Day for Universal Access to Information
29 Sept – International Day of Awareness of Food Loss and Waste
30 Sept – World Maritime Day
Monthly Observances:
Health, Safety and Sanitation Month
National Clean-up Month
Civil Service Month
National Peace Consciousness Month
Social Security Month
Rule of Law Month
National Teachers’ Month (Sept 5-Oct 4)
Weekly Observances:
Sept 17 – 23:
World Clean and Green Week
Week 2: Education Week
Week 4: Medicine Week
Last Week: National Family Week
Daily Observances:
Third Saturday:
International Coastal Clean-up Day
Third Monday: World Health Day
Last Friday: National Maritime Day
Sept 8: National Literacy Day
Sept 15: Philippine Medicine Day
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