BOI still hopeful to hit P680 B investment OK target

MANILA, Philippines — The Board of Investments (BOI) is confident of meeting the P680 billion target for approved investments this year with the tally as of mid-November reaching P575 billion, as it still expects investments to come in for big ticket projects.

BOI managing head Ceferino Rodolfo told reporters approved investments by the agency have reached P575 billion as of mid-November.

“This is a 26 percent increase over last year and we just need P100 billion to meet the target,” he said.

He said the BOI is upbeat it would meet the target this year, as the agency still  expects investments for big ticket projects to be registered before yearend.

In particular, Rodolfo expects investments for projects in manufacturing, construction, and tourism, to be registered with the BOI within the year.

“Hopefully, we will have investments in strategic sectors like infra and construction-related sectors,” he said.

As of end-October, the BOI approved P515.9 billion worth of investments, up 26 percent from the P408.8 billion a year ago.

BOI-approved investments as of end-October were boosted by five key industries such as energy or power, manufacturing, transportation and storage, construction or public private partnership, and real estate.

Earlier, Trade Secretary Ramon Lopez said the country could attract more investments if roadblocks to achieving a competitive industrial structure such as power cost, logistics costs, and greater access to major agricultural inputs are addressed.

Last year, approved investments by the BOI hit a record-high of P617 billion.