DEPARTMENT of Trade and Industry (DTI) Secretary and Board of Investments (BOI) Chairperson Ramon Lopez announced a P1.25 trillion project approval target for 2021.
“We are working hard for a V-shaped Philippine economic recovery in 2021 and are hence targeting the original 2020 pre-pandemic goal for investments,” said Lopez.
Following 2019’s record approval of P1.14 trillion, the BOI originally set a P1.25 trillion for 2020 but has re-calibrated it to P1 trillion due to the coronavirus pandemic.
Approval for 2020 reached P1.02 trillion, down by 11 percent from the 2019 actual approvals.
“We thank the business community for, despite the pandemic, continuing to invest in mid-to-long-term strategic projects that will significantly contribute towards a more modern and efficient, industrial Philippines,” added Lopez.
Trade undersecretary and BOI managing head Ceferino Rodolfo highlighted the role of investment facilitation to meet the BOI’s target particularly due to the effects of the coronavirus pandemic.
He stressed, “BOI—working with other government agencies—is committed to extending support so existing businesses stay afloat and operating, and guiding new investors to facilitate their entry.”
In addition to infrastructure, other sectors that contributed to meeting the 2020 recalibrated target include power (electricity) which was able to commit P199.2 billion worth of projects, transportation and storage sector with P161.6 billion or a 382 percent increase from just P33.5 billion in 2019 due to the strong demand of cargoes and deliveries and the rise of online transactions.
The water supply and sewerage sector surged with P27 billion from a mere P845 million in 2019 followed by tourism with accommodation and food projects totaling P14.4 billion, real estate activities with P32.5 billion and the agriculture sector which rose nearly 13 percent with P3.8 billion from P3.4 billion from the previous year.
A total of 311 projects got approved in 2020. The BOI said once they go fully operational, they will generate 55,124 jobs.
Domestic investments accounted for P968.45 billion or 95.3 percent of the total approved investments figure while foreign investments reached P47.7 billion. Among foreign investors, the US was the pace-setter with P11.2 billion followed by the Netherlands with P2.7 billion, Singapore with P2.2 billion, France and Japan with P1.6 billion and P1.2 billion, respectively. / KOC WITH PR