MANILA – To help the economy bounce back in a V-shape recovery, the Board of Investments (BOI) targets to attract more investments this year. It eyes P1.25-trillion investment approvals at the end of 2021.
BOI targeted the P1.25 trillion worth of investment pledges last year. It was recalibrated due to the impacts of the coronavirus disease 2019 pandemic.
“We are working hard for a V-shape Philippine economic recovery in 2021 and hence targeting the original 2020 pre-pandemic goal for investments,” Department of Trade and Industry (DTI) secretary Ramon Lopez said in a statement.
Lopez, who is also the BOI chair, added the agency expects to see more investments in road, ports, and telecommunications infrastructure and investment commitments in water and power sectors.
He said investors anticipate the passage and enactment of the Corporate Recovery and Tax Reform (CREATE) bill, adding the legislation will be a game-changer in the country’s investment environment.
“It will definitely remove uncertainties in the incentives regime and give a big boost in attracting investments for the country,” the trade chief said.
Last week, Senator Ralph Recto said the bicameral conference committee expects to pass the CREATE bill in the next two weeks.
Meanwhile, the BOI recorded in 2020 its second-highest investment approvals for the past 53 years.
Approved projects in 2020 reached P1.02 trillion; however, 11-percent lower than the pre-pandemic approvals amounting to P1.14 trillion in 2019.
The BOI said the investment promotion agency breached the P1-trillion target last year as the Department of Energy endorsed two power projects. While a water supply and distribution project also got BOI’s nod towards the end of December 2020.
Overall, BOI approved 331 projects last year. These projects are expected to generate 55,124 jobs once they are fully operational.
Investments from local sources amounted to P968.45 billion, while foreign investors registered P47.7 billion worth of projects.
Recently, the United Nations Conference on Trade and Development reported the country can buck the global trend of declining foreign direct investments (FDIs) amid the pandemic after FDI inflows rose 29 percent last year.
“BOI —working with other government agencies— is committed to extending support to existing businesses stay afloat and operating; guiding new investors to facilitate their entry,” according to DTI Undersecretary and BOI managing head Ceferino Rodolfo. (PNA)
