BOI goal: Breach P500-B mark

MANILA, Philippines - The Board of Investments (BOI) sees project approvals this year hitting their highest level in nearly two decades, growing at least 13 percent to breach the P500-billion mark.

“Our goal is P500 billion this 2017,” BOI managing head and Trade Undersecretary Ceferino Rodolfo said yesterday.

He said the agency is bullish on exceeding the P500-billion threshold for investment approvals following last year’s strong outcome.

He said various programs being undertaken by the current administration would help support the expected growth in incoming investments.

Investment pledges approved by the agency in 2016 amounted to P441.8 billion.

The highest annual investment approval recorded by the agency since 2000 was posted in 2013 at P466 billion.

Trade Secretary and BOI chairman Ramon Lopez attributed the investment pledges in 2016 to the continued confidence of investors in the country’s strong macroeconomic fundamentals and in President Duterte’s socio-economic agenda.

Lopez said the investment commitments were due to Duterte’s various state visits during his first six months in office.

The total investment approvals in 2016 came from 377 projects and are expected to generate about 67,615 new jobs when these investment projects become fully operational.

Investments being approved by the agency come mostly from local firms at 80 percent, with the remaining 20 percent emanating from foreign investors.