BOI investments reach P291B

approved investments recorded by the Board of Investments (BOI) in the first five months of 2019 reached P290.6 billion, a 40.1 percent increase from P207.5 billion in the same period in 2017.

Approved investments from foreign sources continued with its upward trend at P67 billion from P6.9 billion in January to May 2018.

Domestic investments, on the other hand, maintained its steady growth to P223.5 billion from P200.5 billion.

Singapore remains the biggest foreign investor to date with P35.4 billion, followed by Netherlands with P9.1 billion, Thailand with P8.5 billion, Japan with P5.5 billion and the United States with P2.4 billion.

“With the Philippine economy up by four notches to 46th in the latest World Competitive Yearbook rankings, the vote of confidence of the administration affirmed in the May mid-term elections with the resounding victory of most of its candidates and allies, is seen to sustain investor confidence for the Philippines,” said Trade Secretary and BOI Chairman Ramon Lopez.

Power projects make up the big chunk

He added that the recent visit of President Rodrigo Duterte in Japan will provide added boost to the investment climate as he was able to attract nearly P300 billion in investment deals, business expansion and letter of intents for Japanese firms to channel more capital into the country which are expected to create over 80,000 additional jobs for Filipinos.