Power lifts BoI investment pledges 24%

Investment pledges approved by the Department of Trade and Industry-Board of Investments (DTI-BoI) rose 24 percent to P312.8 billion in the January to July period from P252 billion in the same period last year, propelled by commitments in the power sector.

The BoI report, released on Tuesday, noted a 384 percent surge in foreign investments, to P69.6 billion, but domestic investments still accounted for the bulk at P243 billion, up 2.7 percent from last year’s figure.

While clocking in positive figures, the trade agency is left with five more months to hit its full-year target of P1 trillion investments, which it set after registering recordhigh commitments worth P915 billion in 2018.

By country, pledges from Singapore still topped foreign investors with P35.4 billion worth of commitments in the period. Other top contributors are Netherlands at P9.2 billion, Thailand at P8.6 billion, Japan at P5.8 billion and the United States at P2.4 billion.

The DTI said that the country still benefits from investors’ “strong confidence” despite trade tensions between economic powerhouses US and China as well as Japan and South Korea.

DTI secretary Ramon Lopez said the agency has also been diversifying offshore markets while ensuring that the domestic base “remains strong” as a measure to soften the blow of the trade disputes.

The DTI is reviewing the Philippines-Japan Economic Partnership Agreement for enhancement. Additionally, the country is also working on a free trade agreement with South Korea seen finished by September.

Meanwhile, trade undersecretary and BoI managing head Ceferino Rodolfo said the BoI still has “a lot of pending projects that need thorough study and evaluation.”

“I am still confident that by the end of the year, we are going to attain our target despite the global uncertainties. We assure foreign investors that the Philippines is a safe haven for their investments and they should take advantage of our very strong domestic demand and commit to long-term deals,” he said.

The DTI said that the country still benefits from investors’ “strong confidence” despite trade tensions between economic powerhouses US and China.