The targeted volume of investment approvals for 2018 would possibly contain more foreign investments, said Board of Investments managing head Ceferino Rodolfo.
The Board is currently in coordination with the Department of Finance as they look to the possibility of added incentives for foreign investors as part of the second package of the Comprehensive Tax Reform Program (CTRP).
Rodolfo also told reporters that the agency continues “to collaborate and monitor those investors who have expressed interest to invest in the Philippines”, also eyeing “the big industrial projects” encountered through overseas presidential visits.
Approved investments are seen to rise to P680 billion this year after reaching P617 billion for 2017, the highest level in 50 years. P21.74 billion of which came from foreign investments, and the rest from local investors.
“We have a lot of reforms taking place. So once all these are implemented – the Foreign Investment Negative List (FINL), liberalization of retail, opening of public utilities, the infrastructure buildup which will generate more interest outside Metro Manila – then we can see more investments,” said Department of Trade and Industry (DTI) Secretary Ramon Lopez who is also the chairman of the BOI.
Power and energy investments accounted for P268.168 billion of the 2017 record while for the current year, Rodolfo said that projects in manufacturing and the energy sector would likely drive the agency’s targeted increase.
The agency also sees plausible investments in construction from both public and private sectors.