MANILA, Philippines — The Board of Investments (BOI) said it expects approved investment pledges to further soar to P680 billion this year following a record high P617 billion in 2017.
BOI managing head Ceferino Rodolfo said yesterday the higher commitments this year, a 10 percent improvement from 2017, would likely be driven by more manufacturing and energy investments.
Rodolfo said this year’s project approvals are also expected to be comprised of more foreign investments as the agency is closely coordinating with the Department of Finance for additional incentives for foreign investors.
“We have a lot of reforms taking place. So once all these are implemented – the Foreign Investment Negative List (FINL), liberalization of retail, opening of public utilities, the infrastructure buildup which will generate more interest outside Metro Manila – then we can see more investments,” Trade Secretary and BOI chairman Ramon Lopez said.
The BOI capped 2017 with investment approvals worth P617 billion, the highest in the agency’s 50-year history and 39.5 percent higher than the P442 billion recorded in 2016.
Of the total, bulk or P595.05 billion came from local investments while the remaining P21.74 billion were from foreign sources.
Approved pledges from local players grew 68.74 percent year-on-year, while those from foreign firms declined 75.69 percent.
For 2017 investment pledges, power and energy projects accounted for the largest chunk of the BOI approvals at P268.168 billion, followed by infrastructure and PPP projects at P127.66 billion.