[ad_1]
Commercial Undersecretary and General Director of the Ceferino Rodolfo Investment Council (Screenshot of the event)
MANILA – After hitting a record investment approvals in 2019, the Board of Investment (BOI) is optimistic about recording the second highest investment approvals this year in the agency’s history despite the 2019 coronavirus disease pandemic (Covid-19).
At the launch of the Make It Happen international marketing campaign in the Philippines on Tuesday, Department of Commerce and Industry (DTI) Undersecretary and BOI Managing Director Ceferino Rodolfo said the agency approved investment projects worth PHP826,000. million from January to October this year.
Rodolfo said that the investment promotion agency is still on track to hit the PHP1 trillion mark in investment approvals this year.
“The BOI, for its part, remains optimistic about exceeding our goal of PHP1 trillion in project approvals by 2020,” he said. “Although this will be slightly lower than project approvals for 2019, we are still on track to the second highest level in our agency’s history despite the pandemic.”
Investment pledges with the BOI last year reached PHP 1.14 trillion, a 25 percent increase over 2018 figures.
On the sidelines of the event, BOI Secretary of Commerce and President Ramón López told the Philippine News Agency (PNA) that the department would approve more investments before the end of the year.
“I hope we can even beat last year’s approvals,” Lopez said.
He noted that the department is looking for investment leads to support the growth of foreign investment in the country.
“There are 90 notable investment tracks with a high probability of completion amounting to USD 24.1 billion and generating 134,000 jobs,” Lopez said at the same event.
These companies with a high probability of investing here are from the United States, China, Taiwan, Japan, South Korea and Europe, he said.
Apart from the 90 companies, the DTI is also seeking 73 target investment opportunities from the US, Malaysia, Japan, China, Taiwan and Europe.
The Make It Happen in the Philippines campaign is a unified, national and multi-sector investment promotion of the country to attract foreign companies to invest in five priority areas: aerospace, automotive, electronics, information technology and business process management, and copper. (PNA)
[ad_2]
