BOI to focus on investments from Asian neighbors

The country will focus on attracting more investments from neighboring countries in Asia as demand for offshore investments in Asian countries like Taiwan, Japan and Singapore continue to rise.

In an interview, Board of Investments (BOI) Managing Head Elmer C. Hernandez said there is more money coming from countries in Asia like Taiwan, Japan and Singapore.

Also, Hernandez noted that promoting the Philippines in these countries is cheaper when compared to holding road shows in Europe or the US.

However, Hernandez clarified that this does not mean that the country will ignore other countries only that more attention will be given to Asia.

For the year, he said there will be more investment roadshows in order to erase fears among foreign businessmen that it might be risky to invest in the Philippines due to the perceived shaky political situation.

There is a need to aggressively make-over the image of the Philippines in order to compete with other Asean member nations for investmentsm,” Hernandez said.

Hernandez said foreign investors are coming in because of the country’s sound economic fundamentals.

“The government has managed to post impressive growth rates. The inflation rate, which measures the prices of basic commodities, are under control despite rising oil prices,” Hernandez said.

Also, he said the performance of the stock market has been stellar and the exchange rate remains attractive.

“They also believe our OFWs (overseas Filipino workers) will continue to bring in the money that will help sustain the economy,” he said.