BOI: Approved Investments for 2017 Hits P617 Billion, Highest in 50 Years

The Bureau of Investments (BOI) reported another milestones in the history of Philippine Economy which validates business confidence in Pres. Duterte's economic programs as the country recorded an investment milestone hitting P617 billion investments for the year 2017.

According to BOI, investment approvals in the Philippines by the Board of Investments soared to an all-time high this year 2017, surpassing by nearly a quarter the full year target of P500 billion.

The BOI noted that investments approved this year is considered as the highest in the agency's 50-year history and 39.5 percent more than the P442 billion recorded in 2016.

The 2017 investment pledges came from a total of 426 projects mainly in infrastructure and power unlike the previous records in 1997 which stands at P570.1 billion, the investments were mainly due to the privatization and deregulation of public utilities such as water supply and telecommunications.

The agency in charge of Philippine investment reports also said that these projects under the Duterte administration would generate around 76,065 jobs upon full operations.

In an interview with the media, Trade Secretary Ramon Lopez was quoted as saying "This validates business confidence in President Rodrigo Duterte’s economic programs to ensure inclusive growth and shared prosperity for the country. The influx of investments is definitely steamrolling, as we are expecting sustained higher investments for the next five years,” Trade Secretary Ramon Lopez said.

“The momentum of our 6.9 percent GDP (gross domestic product) growth in the third quarter and 6.7 percent overall growth for the first nine months have definitely carried over in the fourth quarter, investment-wise, and further boosted with the frenzied economic activity given the holiday season,” Lopez added.

The Board of Investments has targeted an ambitious investment approval level of P500 billion for 2017 to mark the agency's 50th anniversary but it exceeded their expectations as it blitz past the P600 billion mark.

Trade Undersecretary and BOI managing head Ceferino Rodolfo attributed the surge in investments to the designation of focused strategic sectors under the 2017 Investments Priorities Plan (IPP), as well as influx of infrastructure and power projects and the strong growth of domestic demand.

Power and energy projects accounted for the largest chunk of the approvals at P268.168 billion, followed by infrastructure and public-private partnership (PPP) projects at P127.66 billion.

Source: PTV News

BOI: Approved Investments for 2017 Hits P617 Billion, Highest in 50 Years BOI: Approved Investments for 2017 Hits P617 Billion, Highest in 50 Years Reviewed by Phil Newsome on December 20, 2017 Rating: 5
Powered by Blogger.