Investment pledges could exceed this year’s P500 billion target, a Cabinet official said, given continued interest by both local and foreign companies.
“P550 billion is doable, because we have possible new investments and expansion on the list. Both local and foreign investors,” Trade Secretary Ramon Lopez told The Manila Times.
“Offhand, the possible investors mostly focus on the sectors on energy, agri-based and manufacturing,” Lopez added.
The Board of Investments (BoI) earlier this month reported a 40 percent rise in investment pledges to P294.8 billion for the January-July period.
Lopez has said that this was a clear indication of continued confidence in the country’s business environment and the government’s economic policies.
“The country’s strong macroeconomic fundamentals and support for President Rodrigo Duterte’s 10-point socioeconomic agenda drove investor confidence to a higher level,” he said.
“Presidential visits and the agency’s investment missions abroad have increased the interest of investors, as they gained awareness of the Philippines, convinced of the country’s potential,” Lopez added.
“What further makes the Philippines attractive are plans of the administration to ramp-up infrastructure spending that is seen to increase economic activities, the country’s demographic dividend, highly-skilled workforce, and the strategic location of the country, which can serve as a gateway to the rest of the Asean market.”