The Board of Investments said Tuesday it approved two investment projects last week, including the manufacturing operations of a Japanese company that is relocating in the country and generate at least 10,000 jobs.
Trade Undersecretary Ceferino Rodolfo said the projects included a major investment in the infrastructure sector and a big manufacturing facility that will employ 10,000 workers.
“Secretary Ramon Lopez as the chairman of the Board of Investments approved last week the biggest infrastructure project ever. This could have been approved last month. The project will help boost Philippine tourism and international travel,” Rodolfo said Tuesday during the webinar “Philippine Business Environment-Post-COVID”.
The e-forum was organized by the Trade Department, assisted by the Philippine Embassy in the United States and Philippine Embassy in Canada and with support from Philippine trade offices in these countries.
Rodolfo said the manufacturing investment would come from a Japanese company interested to relocate from another country. He said the firm was looking at operating in the northern part of Luzon, which would help decongest economic zones in southern part of Luzon.
Investments approved by the BOI reached more than P1 trillion in 2019, or about $22 billion.
Trade Secretary Ramon Lopez said the approval of the Corporate Recovery and Tax Incentives for Enterprises Act bill would make it more attractive for investors in the Philippines.
The tax reform bill proposed to slash corporate tax rate to 25 percent from 30 percent and extend the transition, for those currently enjoying incentives, to 4 years instead of 2.
Lopez also highlighted the country’s persisting “industrial peace” that benefits both foreign and local investors.
“The foreign business communities and investors continue to have confidence in the global economy. We were there at 6 percent [growth]. Definitely we will bounce back especially by 2021. In 2020, for many countries, I guess this is really challenging year, but you can count on us for a much faster growth. The estimate would be about 9 percent by 2021,” Lopez said.
