TRADE Secretary Ramon M. Lopez said that 2017 investment pledges registered with the Board of Investments (BoI) could be as high as P550 billion, exceeding the agency’s target.
“I think it can reach as much as maybe P550 billion,” Mr. Lopez told reporters on the sidelines of a forum in Makati city late Thursday when asked for the best-case scenario for investments.
At P550 billion, investment would exceed the P500 billion target by 10%. In 2016, actual investment totaled P441.8 billion.
“Before, that (P500 billion) was the high end. Now, P550 billion is reachable. There are indications of interest to invest, to enter, to expand, and make new investments,” Mr. Lopez said.
The BoI reported a 40% year-on-year surge in registered investment in July. Investors register their projects with the BoI to avail of investment incentives.
Expected jobs to be generated by the proposed investments amounted to 58,758, up 57% from a year earlier. The number of projects approved likewise rose 40% to 268.
Meanwhile committed investments in July hit P106.8 billion, up 347% from a year earlier, representing 32 projects.
Mr. Lopez said that his department will undertake more investment roadshows overseas to achieve the target.
He said that the Trade department will visit the US on the last week of August to participate in innovation programs and investment forums, hoping to take in more pledges. — Elijah Joseph C. Tubayan