BOI investments hit all-time high, exceeds P1 trillion for first time

BOI investments hit all-time high, exceeds P1 trillion for first time

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.

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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Report from PhilStar

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