Projects approved by the Board of Investments reached P515.9 billion in the first 10 months, up by 26 percent from P408.8 billion a year ago.
“Investments continue to drive growth, based on foreign direct investments and the latest BoI numbers, as investors see the political will of the current administration to institute reforms such as the recently passed Ease of Doing Business Law, as well other factors such as policies leading to further liberalization of more sectors to allow greater foreign equity and reap the potential of demographic dividends such as the growing middle class in a 106-million Philippine market size economy and the young professionals with greater purchasing power,” said Trade Secretary and BoI chairman Ramon Lopez.
Foreign investment pledges in January to October surged 156.7 percent to P39.3 billion from P15.3 billion in the same period last year.
Top sources of foreign investments were Indonesia with P6.4 billion, Malaysia with P2.9 billion, Japan with P2.8 billion, Australia with P1.1 billion, China with P1.1 billion, the US with P612 million, Italy with P485.7 million, Singapore with P404.1 million and Switzerland with P357.7 million.