BOI investment approvals increased by 19% in January-May

MANILA – Investments approved by the Board of Investments (BOI) from January to May of this year increased by 19% to PHP207 billion from PHP174 billion during the same period in 2017.

In A statement Thursday, BOI data showed that a large part of the pledges for the first five months of 2018 came from the electricity sector, with projects registered for the amount of 166.55 billion yuan. PHP

. storage with pledges of contribution amounting to 39.82 billion PHP, manufacturing with 19.36 billion PHP, real estate with 14.54 billion PHP and water supply with 13.87 billion PHP.

Most of the investment pledges from January to May were from local sources, with approved projects valued at PHP 200 billion, up 18.6% from 169,099.09 billion US dollars. PHP saved last year.

is the year of PHP5.38 billion in 2017.

The main sources of foreign investment commitments from January to May this year were Japan, Italy. , China, the United States and Hong Kong.

"These figures are only preliminary, and we expect more foreign investment as a result of various presidential visits and investment promotion activities in recent months," said Ramon Lopez, Secretary of Commerce. and President of BOI

"Our next goal is to ensure that these investments promises and offers of employment will materialize and allow us to share the economic gains of the country, especially those at the bottom of the pyramid, "added Mr. Lopez

. So, he said, the BOI supports the second package of Tax Reform for Acceleration and Inclusion (TRAIN) to attract more people. Foreign investors to register their projects with the BOI.

As part of the TRAIN 2 package, the government will modernize its tax incentives, concentrating them, the tax reform program BOI is also considered as the lead agency in the development of the Strategic Plan for Investment Priorities (SIPP), a list of preferred areas of investment activity. This is similar to the IPP of the BOI.

"What is important is that jobs (are) created here in the Philippines for the Filipino people, regardless of the property or market to be served." The goods markets are already contestable under our free trade agreements, "said Lopez (PNA)