MANILA – The Board of Investments (BOI) last month approved PHP51 billion worth of investment projects, surging 200 percent from PHP17-billion worth of pledges in the same period in 2015, its managing head Ceferino Rodolfo said Tuesday.
From January to September, projects registered under the investment promotion agency amounted to PHP286 billion, 49 percent higher than the figure in the same period last year, Rodolfo said on the sidelines of the European Union-Philippines Business Summit in Makati City.
“What we’re seeing in the real sector that relies on fundamentals of the economy, is that growth is being sustained or even accelerated,” said Rodolfo who is also Trade Undersecretary.
The official is likewise optimistic that the country will hit its gross domestic product growth target of up to 7.0 percent at end-2016, supported by growing investment approvals.
Trade Secretary Ramon M. Lopez said investment approvals of the BOI for the full year of 2016 is projected to grow at 10 percent to 15 percent.
Lopez also echoed the country’s strong macroeconomic fundamentals, attracting investors to put up and expand their businesses in the Philippines.
“Any investors who would come here, they will look at the long term fundamentals – fast-growing consumer spending, economy is growing fast, demographic dividend, operating or investing here will allow you access to ASEAN and ASEAN partners,” he said.
“There’s a lot of positive factors that makes one invest here,” the trade chief pointed out.
He added that investors have nothing to worry about in the Philippines despite the change in administration.
Lopez stressed that the first economic agenda of the Duterte administration is to maintain the macroeconomic policies of the previous administration.
“Our socioeconomic agenda and economic policies, as long as they are not changing, investments are safe, protected, and contracts are honored,” he said.