BOI, PEZA exceed '08 target

Investment commitments have reached P391 billion, as businessmen remain upbeat on the country’s economy, the Department of Trade and Industry (DTI) said.

“DTI has already exceeded its full-year target,” Elmer C. Hernandez, DTI Undersecretary told The STAR in an interview yesterday.

The combined full-year investment target of the Board of Investments (BOI) and the Philippine Economic Zone Authority (PEZA), both attached to the DTI, is P391 billion.

This represents a 12-percent growth from the 2007 investment figure.

Hernandez noted that in spite of the global economic crunch, no investor has backed out from its investment commitments.

“As of today, no investor has backed out and no one has said that they will delay their investment,” Hernandez pointed out.

This is good news for the country especially since total investments next year is expected to slow down.

“If ever there is a slowdown in investments then I think we should take that opportunity to make the Philippines a better investment destination,” Hernandez explained.

The undersecretary, who is also the managing head of BOI, said the country should not force the issue of investments.

Instead, the government must focus on ways to make the country better like improving infrastructure and training its manpower.

“These are the things investors are looking at. After the storm has passed, investors will see that the Philippines has the tools to serve them and they (investors) will come here,’ he said.

Trade and Industry Secretary Peter B. Favila said he is confident that the government will get more investments for next year.

He said PEZA and DTI are expected to attract P438 billion worth of new investments for a 12 percent growth next year.

Favila said the trend of a 12 percent growth in investments is expected to continue until 2010 when investments are expected to reach P490 billion.