MANILA, Philippines - Approved investment pledges to the country by the Board of Investments (BOI) have reached half of the P400 billion goal for the year despite investor concerns over the process of obtaining permits in the energy and mining sectors.
Trade undersecretary Cristino Panlilio told reporters in a chance interview that to date, the BOI has approved P200 billion worth of investments.
“We are continuing to work hard to increase that,” he said.
“There is still time for new investments to come in,” he said further.
But while the government is working to achieve its P400 billion investments goal for the year, the opposition of various groups is making it difficult for firms looking to invest in energy and mining projects to secure permits and proceed with the work.
Under the implementing rules and regulations of the government’s mining policy, no new mineral agreements will be entered into until a law rationalizing revenue-sharing schemes is passed.
In line with attracting more investments to the country, the government is promoting investment missions.
Trade secretary Gregory Domingo told reporters a 30-person delegation from France is three-day in the country for French Prime Minister Jean-Marc Ayrault visits.
“They’re (France) bringing a 30-person business delegation. I think that’s one to one, 30 companies, 30 people,” he said.
To inform investors of opportunities in the country, the BOI is likewise holding roadshows in different cities for the 2012 Investment Priorities Plan (IPP) which identifies activities that can enjoy incentives from the government.
The 2012 IPP was approved by President Aquino in June.
The 2012 IPP lists the following as preferred activities: agriculture or agribusiness and fishery; creative industries or knowledge-based services; shipbuilding; mass housing; energy; infrastructure; research and development; green projects; motor vehicles; strategic projects; disaster prevention, mitigation and recovery projects; iron and steel; and hospital or medical services.
Last year, the country had P368 billion worth of investments.