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Philippines: BOI investments hit all-time high
Exceed P1 trillion for first time
MANILA, Philippines — Trade Secretary and BOI chairman Ramon Lopez told reporters yesterday total investments approved by the agency reached P1.14 trillion in 2019, the third consecutive record year for investment approvals.
Compared to the P915 billion worth of investments approved in 2018, last year’s investments tally went up 25 percent.
Prior to the milestone achieved in 2018, BOI’s approved investments reached its highest level in 2017 at P617 billion.
Data on the sectors which drove the increase for full-year 2019 investments were still not available as of press time yesterday.
As of end-October, the information and communications technology sector was the biggest contributor at P518.8 billion.
Other sectors which drove the end-October investments are power, manufacturing and tourism.
In terms of projects, third telco player Dito Telecommunity Corp.’s P210 billion project for its network rollout was among the biggest contributors in October.
Asked for a target for this year, Lopez said the BOI is aiming for a 10 percent increase in approved investments.
“It’s better to beat your target,” he said.
To achieve the target for this year, the BOI would continue to step up efforts to promote investment opportunities in the country.
“There are many big ticket items that could register [with BOI] and we are still encouraging them,” Lopez said.
Source: https://www.philstar.com/business/2020/01/17/1985375/boi-investments-hit-all-time-high