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Wednesday, April 17, 2024

Investments increase 49% to P286b, says BoI

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Investment commitments jumped 49 percent in the first nine months to P286.4 billion from P192.2 billion a year ago, as foreign and local businessmen remain bullish on the Philippines, the Board of Investments said Tuesday.

BoI said the large investment pledges in the months of September and July contributed to the increase in total investment figures in the nine-month period.

Data showed investment projects approved by BoI surged 200 percent to P51 billion in September alone from P17 billion a year ago.

“Investors are looking at the long term. Any investor who would come in will look at the fundamentals – strong economy, fast consumer market spending, demographic dividend – all of these we have right now. Their interests on investments are still there,” Trade Secretary Ramon Lopez said at the sidelines of the EU-Philippines Business Summit in Makati City.

Lopez said investors wanted to invest in the Philippines to have an easy access to the 600-million Asean consumer market.

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Lopez said investment projects continued to rise, “even as there has been outflow of portfolio investments, [which] are erratic in nature.”

“It’s not a purely PhilipUK Ambassador to the Philippines Asif Ahmad also said Tuesday two major UK projects were set to come to the Philippines. He said both companies were interested in setting up electronics manufacturing operations in the country.

Ahmad said the two UK firms were examples of continued interest of foreign companies to do business here.

“In some respects, any country with a new administration, the world looks on that country to explain what its agenda is. The media, government, business they have limited attention span. We, however agree on each and every one of the 10-point agenda and it is time for the new government to make it known globally,” said Ahmad.

Ahmad said the time was up for the Philippine economic cabinet to go out to the world to explain the Philippine economic agenda.pine phenomenon since the rest of the region is also going through the same circumstance,” said Lopez, referring to withdrawals of foreign portfolio investments in stocks by foreign investors.

Lopez said the Trade Department was keeping its investment growth forecast of 10 percent to 15 percent this year, given the significant rise in investments in the first three months of the Duterte administration.

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