The Duterte led administration keeps on registering record
firsts in the different fields of government work.
Department of Trade and Industry and Bureau of Investments
chairman Ramon Lopez told members of media that total investments approved by
the agency reached P1.14 trillion in 2019, the third consecutive record year
for investment approvals.
A marked improvement compared to the P915 billion worth of
investments approved in 2018, last year’s investments tally went up 25 percent.
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| Department of Trade and Industry and Bureau of Investments chairman Secretary Ramon Lopez (photo credit to owner) |
Prior to the milestone achieved in 2018, BOI’s approved
investments reached its highest level in 2017 at P617 billion.
Data on the sectors
which drove the increase for full-year 2019 investments were still not
available as of press time.
As per government
data, as of end-October, the information and communications technology sector
was the biggest contributor at P518.8 billion.
Investments in
power, manufacturing and tourism are the other sectors which have contributed
to new record high.
According to the DTI,
in terms of projects, third telecommunications player Dito Telecommunity
Corp.’s P210 billion project for its network rollout was among the biggest
contributors in October.
Asked for a target
for this year, Lopez said the BOI is aiming for a 10 percent increase in
approved investments.
“It’s better to beat
your target,” he said.
To achieve the
target for this year, the BOI would continue to step up efforts to promote
investment opportunities in the country.
“There are many big
ticket items that could register [with BOI] and we are still encouraging them,”
Lopez said.
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