MANILA, Philippines - Total investments for the year will reach almost P500 billion, with the two investment agencies attached to the Department of Trade and Industry (DTI) projecting that they will be exceeding their targets.
In a report covering the first 11 months of the year the Board of Investments (BOI) said it had generated investments totaling P257 billion adding that this is just one investment away from breaching its P287-billion full-year target.
For its part, the Philippine Economic Zone Authority (PEZA) said it will exceed their P200-billion target this year.
“Hopefully we will exceed our target,” PEZA Director-General Lilia De Lima said. PEZA will be coming from a very high base given a growth in investments last year even if other agencies posted a decline in investments.
BOI executive director Lucita P. Reyes said: “We can exceed our target. We are one project away.”
Combined target of the BOI and PEZA is P400 billion which Trade Secretary Gregory Domingo refused to raise even if it was certain to be surpassed.
Earlier, Domingo said: “We will surpass the P400 billion investments for this year.”
“The investors are upbeat,” Domingo said adding that they will be changing their tactic from focusing on outbound missions to now zeroing in on inbound missions in order to attract more investors.
“The Philippines is not in the radar of foreign businessmen. We have to raise consciousness in order for them to visit out country,” Domingo said.
The secretary said he has already tasked Undersecretary Cristino L. Panlilio to visit the Middle East and Europe to encourage these businessmen to come to the Philippines.