THE Board of investments (BOI) is positive about its target of P500 billion worth of investment projects this year given the growth seen in 2016 and sustained investor confidence in the country’s macroeconomic fundamentals.
“Our goal for 2017 is ‘P500B for BOI @50.’ Right now we are P441 billion for 2016, hopefully we can hit this,” BOI Managing Head Ceferino Rodolfo told a press briefing on Tuesday.
If the 2017 target is reached, that would mean a 13.3 percent increase in approved investments from the amount recorded in 2016. Investment projects approved by the BOI in 2016 grew by 20.4 percent to P441.8 billion from P366.7 billion in 2015.
The 2016 figure was the second highest value of registered projects since 2000.
Meanwhile, the Philippine Economic Zone Authority (PEZA), which approves foreign investment pledges,
reported that investment pledges approved in 2016 dropped by 26 percent to P218.2 billion from P295 billion in 2015.
PEZA Director General Charito Plaza said the uncertainties of the recent presidential election affected the economic zones’ performance in 2016.