INVESTMENTS registered with the Board of Investments (BOI) expanded 26 percent to P515 billion from January to October, the BusinessMirror learned from a highly reliable source.
With this, the BOI is seen to be on track to hit its P680-billion target for this year. Commitments to the agency after 10 months grew 26 percent to P515 billion, from P408 billion during the same period last year.
The source also said the increase was largely brought about by investment pledges in heavy manufacturing. However, he pointed out there was a decrease in the number of fresh projects that entered the country from January to October.
Investments in October most likely amounted to P60 billion, up by nearly 118 percent from P27.56 billion in the same month last year. The BOI is scheduled to release a breakdown of the investment pledges this week, according to the source.
The BOI is targeting to obtain P680 billion in investment pledges this year, which will be the agency’s best figure, if ever, after an all-time high of P617 billion last year. Investment officials are bullish registrations will grow in the next months, with the expected issuance soon of the implementing rules and regulations of the Ease of Doing Business law.
Meanwhile, the BOI is introducing the Strategic Investment Priorities Plan to different provinces and industries in preparation for the looming reduction of corporate income tax and rationalization of tax incentives.
“Investor confidence in the country remains high. The Philippines continues to attract more investments because the economy is strong enough to withstand challenges on both the domestic and international fronts,” Trade Secretary and BOI Chairman Ramon M. Lopez said in a statement in September.
Approved foreign direct investments also accelerated to P37 billion as of September, up by 196 percent from the P12.5 billion during the same period last year. The British Virgin Islands is the top source of FDI at P15.2 billion, followed by Indonesia (P6.4 billion), Malaysia (P2.9 billion), Japan (P2.6 billion) and China (P1 billion).