The Philippines hopes to catch some of the investments resulting from the economic fallout caused by the conflict between Russia and Ukraine.
Ceferino Rodolfo, Board of Investments (BOI) managing head, said in a statement the conflict may push investors from Central and Eastern Europe to look for another market to do business as part of their relocation and diversification.
Rodolfo cited the opportunity for the Philippines to catch investments in global chain manufacturing looking for a safer region.
Rodolfo said some of the projects the Philippines can attract are in electronics and light manufacturing by European companies.
“Because of the pandemic and the supply disruptions it caused, these companies have sought other locations,” Rodolfo said citing Central and Eastern European countries which are the most competitive locations in Europe.
“On the geopolitical movements in the world, aside from the pandemic, the BOI is monitoring the developments in the Russia and Ukraine crisis. Despite its possible economic fallout to many countries, including the Philippines, the conflict could still entail upsides for the Philippines,” Rodolfo added.
Rodolfo cited the surge of food and fuel prices and supply disruption as the two major possible ramifications of the said crisis.
This, he said, has unfolded the need for Philippines to pursue more investments in renewable energy (RE).
According to Rodolfo, the invasion will only intensify pressure on fuel prices and in turn increase viability of RE investments.
“We have to use this challenge to attract more RE investments,” he added.
