ISTANBUL

The Philippines will double efforts to attract more foreign investment after a target of $9 billion in 2024 could not be achieved, reported the state-run Philippine News Agency.

President Ferdinand Marcos Jr.’s administration will try to understand why foreign direct investments stayed nearly the same in the last two years -- $8.925 billion in 2023 to $8.93 last year, Presidential Communications Office Undersecretary Claire Castro told reporters.

“We will find out and if there is any deficiency, our business experts and our heads of agencies will immediately take steps to address whatever the impact will be,” said Castro, adding that the president is organizing meetings to improve the situation.

Foreign direct investment includes investments by non-resident investors holding at least 10% equity in a resident enterprise, as well as investments from non-resident subsidiaries or associates in the form of equity capital, reinvested earnings or borrowings.

Japan, the UK, the US alongside Singapore were the major sources of investments in the island nation, with funding primarily directed to manufacturing, real estate and information and communication sectors, according to the Central Bank of the Philippines.