January 5, 2025 | 12:00am
MANILA, Philippines — The Department of Trade and Industry (DTI) has vowed to intensify its efforts to support local businesses and attract foreign investments into the country, aiming to create greater benefits for Filipinos.
In a statement, Trade Secretary Cristina Roque said the DTI is committed to creating more jobs and opportunities this year by fostering innovation and competitiveness in key industries while ensuring fair practices in the digital marketplace.
Roque has expressed optimism that these initiatives would set the stage for a “more inclusive and prosperous Philippines.”
Latest Philippine Statistics Authority data showed that the unemployment rate declined to 3.9 percent in October from the 4.2 percent recorded in the same month in 2023.
The October jobless rate, however, was higher compared to the 3.7 percent logged a month earlier as typhoons that hit the country prevented Filipinos from taking part in the labor market.
In terms of magnitude, there were 1.97 million jobless Filipinos in October, higher than the 1.89 million in September but lower than the 2.09 million in October 2023.
“With your continued support and our unwavering dedication, we are confident that 2025 will be another year of growth, innovation and shared success,” Roque said.
Last year, DTI implemented several programs that it claimed to have helped small businesses navigate through digital tools and financing, as well as promote consumer protection and fair trade practices.
Roque said the DTI also made significant strides in driving international investments and supporting micro, small and medium enterprises to “empower the Filipino people.”
“These initiatives have not only strengthened our industries but have also opened doors for countless individuals to pursue their dreams and secure a brighter future,” the secretary added.
The Board of Investments (BOI), an attached agency of the DTI, approved record investment pledges of P1.62 trillion in 2024, exceeding the initial target of P1.5 trillion.
The DTI said the approved investments for 2024 were also higher by 28.6 percent than the previous all-time high of P1.26 trillion in 2023, demonstrating a strong vote of confidence from both local and foreign investors.
Likewise, the Philippine Economic Zone Authority (PEZA), another attached agency, surpassed its investment approval target for 2024.
PEZA approved investments worth around P214 billion, exceeding the initial goal of P200 billion and up 22 percent from the P175.71 billion logged in 2023.
Roque has said the investments approved by the BOI and PEZA are expected to create jobs, drive innovation and support economic growth.
“Our commitment is to create an environment where businesses thrive, sustainability is prioritized, and economic opportunities benefit all Filipinos,” she said.
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