BOI breaches P1-T investment mark as of October

The Board of Investments (BOI) has already breached the P1-trillion investment level as of October this year, said Trade and Industry Secretary and BOI Chairman Alfredo E. Pascual

With this accomplishment, Pascual told reporters in a chance interview at the opening of the Philippine Franchise Asia and Expo on Friday, Oct. 27 that the BOI was already at P1.2 trillion level as he expressed hopes the agency would be able to achieve this year’s target of P1.5 trillion investment approvals.

“We’re targeting that (P1.5 trillion). We have exceeded (by) P1 trillion, as we speak. I think we’re at P1.2 (trillion) if I’m not mistaken. (Basically) we’ve reached a trillion as of October,” Pascual said.

“(There are many) headwinds, but we should exert more effort,” he added.

He partly attributed the inflow of investments to the foreign investment missions of the government stating such trips have attracted foreign companies to consider the Philippines in their expansion program. The visits of foreign dignitaries into the country have also boosted interest of foreign firms.

For example, he cited Prime Minister Fumio Kishida of Japan. “We’re very happy that foreign investors see the Philippines as great potential (for investments),” Pascual added.

Sharing about the roundtable meeting with Saudi business leaders in the Kingdom of Saudi Arabia last Oct. 19, Pascual said that the Philippine delegation promoted the country and its investment opportunities. Doing so “will open up prospects for them to invest.”

The Philippine government is currently in continued talks with Saudi businessmen on investment opportunities and matching them with potential partners in the Philippines.

Pascual accompanied the recent visit of President Ferdinand R. Marcos Jr. to the Middle East country, along with other economic officials, for the first Association of Southeast Asian Nations-Gulf Cooperation Council (ASEAN-GCC) Summit.

“But of course at the side, we took opportunity to meet the top executives of the Saudi businesses who have interests in investing in the Philippines,” he said.

Saudi business leaders showed investment interests in various sectors such as logistics, healthcare, agriculture, and renewable energy.

He highlighted that “Saudi Arabia itself is going renewables. So they have also the capability to invest in renewables in the Philippines.”  — Ma. Joselie C. Garcia

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