Investment pledges up 156% in Jan.-Feb.

Committed investments approved by the Board of Investments in the first two months this year jumped 156 percent to ₱121.9 billion (approximately $2.5 billion) vis-a-vis ₱47.625 million in the same period in 2020, indicating that recovery is within sight.

This was revealed by Trade and Industry Secretary Ramon M. Lopez at the First Manila Forum for Philippines-China Relations on the topic "Joining Hands to Boost the Economic Recovery from COVID-19” organized by the Association for Philippines-China Understanding (APCU), which is co-founded by former Philippine President Gloria Macapagal-Arroyo and now serves as its chairperson emeritus. The forum was keynoted by Jin Liqun, president of the Asian Infrastructure Investment Bank. Businessman Jeffrey Ng is APCU president.

Lopez said that the high investments registration this year is only one of the many improving economic data for the Philippines.

For instance, Lopez cited the diminishing declines in gross domestic product in the latter quarters of last year, from a record low of negative 16.5 percent in the second quarter to negative 11.5 percent in the third quarter, and negative 8.3 in the fourth quarter.

“Growth is seen quarter on quarter as GDP grew by 8 percent from second to third quarter and 5.6 percent from third to fourth quarter,” he said.

In addition, the barometer for manufacturing activities or the Purchasing Managers Index in the Philippines likewise, showed a steady rebound in January and February at 52.5 percent. This came from a huge decline at 31.6 last April 2020 at the height of the lock down.

Lopez also said that the start of the vaccination in the country with the arrival of the 600,000 doses of Coronavac vaccine from China will improve business confidence in the country. (Bernie CahilesMagkilat)