MANILA – Trade Secretary Alfredo Pascual stated Saturday the Board of Investments (BOI) has funding leads of PHP344 billion, which might permit the company to hit its goal earlier than the yr ends.
“So far, the agency has potential investment leads of around PHP344 billion that will still be processed, and more likely than never, we may have 80 to 90 percent of the target even before the middle of the year,” Pascual, who additionally chairs the BOI, stated in a press release.
The Department of Trade and Industry (DTI) is focusing on to return to the PHP1 trillion stage in funding approvals in 2023.
From January to Feb. 9 alone, the BOI authorised PHP414.3 billion value of tasks, which is 142.9 p.c larger than the PHP170.5 billion funding approvals in the identical interval final yr.
Pascual added that a few of these funding leads are offshoots of the overseas journeys of President Ferdinand R. Marcos Jr.
“The increase in investments proves that the government’s promotional visit abroad, led by no less than the President himself, are working as a growing number of investors from around the globe – from Southeast Asia, the US, Belgium, China, and most recently Japan – have shown strong interest in putting in more investments into the country,” he stated.
The commerce chief famous that authorised investments in lower than two months of 2023 surged to PHP163 billion, from PHP249 million in the identical interval in 2022.
“BOI-approved foreign capital for barely the first months of 2023 has already reached 56 percent of the total figure for all IPAs (investment promotion agencies) last year. So, this year looks very promising with heightened prospects and through our collective efforts, we are on course to surpass the 2022 figure way ahead of time,” Pascual stated. (PNA)