The Board of Investments (BOI) and the Philippine Economic Zone Authority (Peza)—the country’s main investment-promotion agencies—would likely attract more than P500 billion in fresh investments this year, according to Trade Secretary Ramon M. Lopez.
Lopez made the pronouncement in a text message to the BusinessMirror after Peza reported it registered a 13.57-percent hike in export receipts in April.
“We are optimistic that we will surpass the target of P500 billion, as we expect more investments to come in,” said Lopez, adding that this is due to the investment-promotion road shows in 14 countries organized by the government.
In line with its 50th founding anniversary in September, the BOI has set a target of P500 billion in investment pledges this year.
Last year the BOI approved P441.8 billion in investment pledges, up 20.4 percent year-on-year. It is also the second-largest yearly haul since 2000, second only to 2013’s performance of P466 billion.
In May the BOI has already logged P174.47 billion in investment pledges.
Including official visits and investment roadshows, the Department of Trade and Industry (DTI) said Lopez has already taken as much as 14 trips abroad in his first year in office.
Peza also reported that export-oriented firms in ecozones reported a 13.57-percent hike in their revenues in April. Export receipts during the period reached $16.47 billion.
The improvement in exports was due to the recovery of the country’s export markets, most notably the European Union, and the continued uptick in the Philippines’s largest export—semiconductors and electronics.
Earlier, the DTI noted that the strengthening of ties between Manila and Beijing contributed to the recovery of Philippine exports. This is also seen to hike exports by as much as 7 percent this year, from an earlier forecast of 3 percent to 5 percent.