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Philippines: Strong 2-digit growth in BOI investment approvals in Q1
MANILA, Philippines – The Board of Investments (BOI) expects strong growth in its investment approvals for the first quarter of the year given the influx of project proposals from Chinese and Japanese firms.
Trade and Industry Secretary and BOI chair Ramon Lopez said the investment commitments approved by the agency are likely to post a growth of at least 10 percent from January to March 2017.
“It is really very strong now, so it looks like double digit (growth),” Lopez said yesterday.
“With all these good indications from China and Japan, there are really a lot of investments coming in,” he added.
Investments approved by the agency in the first three months of 2016 reached P61.94 billion.
For this year, the BOI is targeting to grow its investment approvals to their highest level in nearly two decades, with a full year growth forecast of at least 13 percent as it looks to breach the P500 billion mark.
Last year, investment pledges approved by the agency jumped to their second highest level in 16 years to P441.8 billion.
These came from 377 projects that are expected to generate 67,615 in new jobs when these investment projects become fully operational.
The highest annual investment approval recorded by the agency was in 2013 at P466 billion.
Various programs being undertaken by the current administration are seen supporting the projected growth in incoming investments.
Lopez said President Duterte’s successful state visits to China and Japan last year are now bearing fruits as seen by the increasing investment and trade interest in the country from Chinese and Japanese firms.
Source: http://www.philstar.com/business/2017/03/29/1685464/strong-2-digit-growth-boi-investment-approvals-q1