The Board of Investments said Tuesday it is optimistic about achieving its target of P1 trillion in approved investments this year as pledges already reached P826 billion in the first 10 months despite the threat of the pandemic.
“Though this will be slightly lower than the project approvals for 2019, we are still on course for the second highest level in our agency’s history despite the pandemic,” Department of Trade and Industry Undersecretary and BOI Managing Director Ceferino Rodolfo said during the virtual launch of Make It Happen in the Philippines campaign.
Rodolfo stressed the Philippines’ superior investment and business facilitation services, with BOI coordinating closely with other investment promotion industries.
“We are dedicating focal teams that will help make your business goals happen when you invest and operate in the Philippines,” he told global participants.
He said with a labor force of 49 million and about 750,000 fresh graduates annually, the Philippine would continue to be a haven for companies with extensive need for manpower.
Rodolfo said the wage rate in the Philippines is among the most stable in the region, making investing in the country a better deal compared with the other countries in the region.
“Hence, the Philippines offers itself as a strategic partner in services and other sectors with its large, young, educated and tech-savvy population. This will be critical in responding to the challenges and opportunities of the digital and inter-connected new economy,” he said.
The BOI also encouraged multinational companies pursuing expansion strategies to seriously consider the Philippines, given the country’s excellent track record in supporting and complementing global firms.
Rodolfo said the strong customer service orientation along with the creative, adaptive skill sets of Philippine workforce would also make the Philippines an ideal location for services and manufacturing, getting not only in touch with customers from around the globe, but also creating world-class products to serve supply and demand internationally.
“With these in mind, we are definitely pushing for a more proactive, targeted investment promotion strategy in asking foreign investors to relocate or expand their services and products with a set of fiscal and non-fiscal incentives tailor-fit to them in line with government efforts for an economic bounce back by creating more jobs under a post-quarantine scenario,” he said.
The Make It Happen in the Philippines campaign highlights some of the best performing sectors in the country such as electronics, aerospace, automotive, IT-BPM and copper.