BOI confident of exceeding 2017 P500 B project approvals

MANILA, Philippines -  The Board of Investments (BOI) expects to surpass its P500 billion year-end target for investment approvals due to the continued increase in the number of projects registered with the agency.

Trade Secretary and BOI chair Ramon Lopez said the agency’s investment approvals for 2017 may reach as much as P550 billion, 10 percent higher than the initial high-end target of P500 billion.

“There has been a lot indicating interest to enter the country, invest and do expansion,” Lopez said.

Lopez attributed the strong investor interest to the country’s stable macroeconomic fundamentals, its educated English-speaking workforce, the demographic sweet spot that presents an enlarging consumer base, and wider market access through preferential trade agreements.

He said the country’s independent foreign policy also strengthens Philippine ties with its partners and has opened new market prospects.

Lopez said investors from China, Russia, Japan and the Middle East have been involved in various cooperation projects with the Philippines that translated to increased investments and more job and income opportunities.

From January to July, the BOI reported that its investment approvals reached P294.8 billion, 40 percent higher than the P210.4 billion recorded during the same period last year.

The amount accounted for 59 percent of the agency’s initial year-end target of P500 billion.

Lopez is set to embark on more trade and investment missions outside the country in the remainder of the year to continue marketing the Philippines’ bright prospects to foreign businessmen and multinational companies.

The trade chief is initially US-bound by the last week of the month.

 “The US trip is more on innovation program exposure and innovation practices but I also intend to conduct talks on investment forums,” he said.

Lopez said he would highlight to US investors “Dutertenomics” which sums up President Duterte’s key 10-point socio-economic commitment to widen the gains of development, to address income gap and to uplift the quality of life of Filipinos.