The Board of Investments (BOI) reached P617 billion in approved investments for the current year, surpassing the agency’s year-end target of P500 billion.
Announced by Department of Trade and Industry Secretary Ramon Lopez, who is also the Chairman of the BOI, the current all-time record is the highest since 1997, when investment approvals amounted to P570.1 billion which was due primarily to public utilities’ privatization and deregulation.
According to Lopez, “this validates business confidence in President Rodrigo Duterte’s economic programs to ensure inclusive growth and shared prosperity for the country.”
This new milestone consists of 426 projects which will create around 76,065 jobs upon the investments’ full operations.
Trade Undersecretary and BOI Managing Head Ceferino Rodolfo credited this year’s increase in investments to strong domestic demand and focused strategic sectors listed under the 2017 Investments Priorities Plan (IPP).
Power and energy are currently the top performing sectors, having contributed approved investments worth P268.168 billion, while infrastructure and Public-Private Partnership (PPP) projects come at second. The manufacturing sector is the third.
Lopez also expressed the agency’s high satisfaction with exceeding their P500 billion goal.
“We were happy then to just reach our P500 billion target. But to blitz past the P600 billion mark is something we are definitely ecstatic as this only proves the continuing confidence of the investors in making their business grow in the Philippines”, the BOI chief said.
The Board’s year-end target was set to celebrate its 50th founding anniversary.
There has been a 53 percent decrease in approved investments in NCR, while a 65 percent increase in locations outside Metro Manila was also noted, ensuing efforts to disperse projects beyond the capital region.
The CALABARZON region (Region IV-A) came out as the top location with P294.6 billion worth of investment approvals.