Cumulative investments recorded by the Philippine Board of Investments (BOI) reached Php764.7 B as of September 2019, increasing more than two-fold (10%) in comparison with Php372.9 B approved in the same period of the previous year.
“The sustained high growth of investments is a proof of the business sector’s strong confidence in both the Philippines’ economic fundamentals as further shown by the acceleration of the third quarter Gross Domestic Product (GDP) growth to 6.2% and the reform agenda of President Rodrigo Roa Duterte,” Trade Secretary and BOI Chairman Ramon M. Lopez said.
Approved investments from domestic sources topped Php524.9 B, a 54.7 % increase from Php339.3 B in the same frame in 2018. On the other hand, approved projects by foreign investors amounted to Php239.9 B which is more than a seven-fold surge (613 %) from just Php33.6 B a year ago.
Singapore continues to set the pace among all foreign entities with Php170 B in capital. South Korea is now second with Php34.1 B. Netherlands places third with Php9.2 B. Thailand (Php8.6 B), Japan (Php6 B) and the United States (Php2.4 B) are also among the biggest foreign investors for this period.
Overall, investments outside the National Capital Region accounted for 98.2 % of the total of Php750.9 B. All projects once operational will generate an employment of 41,862, which is 38.5 % higher than last year’s figure of 30,218. For the month of September alone, Php155.7 B worth of projects were approved, a 50.3 % jump from just Php103.6 B in September 2018.
“We are particularly pleased to highlight that the share of foreign investments in BOI projects have increased from just 8 % during January to September 2018, to already 31.4 % this year,” Lopez added. This is expected to continue as Lopez noted that President Duterte’s policy of furthering relations with non-traditional partners has been yielding results.
Read more: DTI website
ABOUT PTIC TAIPEI
The Philippine Trade & Investment Center in Taipei is the Commercial Affairs Section of the Manila Economic and Cultural Office and the representative office of the Philippine Department of Trade & Industry in Taiwan