BOI targets 10% hike in investment approvals in 2019

Lopez noted that it can still adjust upward the growth target for this year if there comes along a big-ticket project that will register with the board. (File Photo By Philippine Information Agency – Philippine Information Agency, Public Domain)

MANILA — The Board of Investments (BOI) is targeting to increase investment approvals this year in hopes of breaching the PHP1-trillion mark.

In a briefing Friday, Trade Secretary and BOI Chairman Ramon Lopez said the agency is eyeing a 10-percent growth in investment approvals this year from PHP907.2-billion projects it registered in 2018.

Lopez noted that it can still adjust upward the growth target for this year if there comes along a big-ticket project that will register with the board.

“We can even upgrade it later. But for now, conservatively 10 percent, just like what we conservatively targeted PHP680 billion last year,” he added.

Last year, the BOI exceeded its PHP680-billion target approvals and 10-percent growth target. Actual investment pledges in 2018 rose 47.1 percent from 2017’s commitments.

Lopez also stressed that the investments that came in last year would help improve the country’s balance of trade, making it favorable to the Philippines.

Aside from improving the trade balance, Lopez noted that these investments will create quality jobs for Filipinos.