INVESTMENT pledges were expected to surpass original targets on the back of continued optimism from the business community for the incoming Duterte administration.
Board of Investments (BOI) managing head Ceferino S. Rodolfo said on the sidelines of a groundbreaking ceremony for a car firm in Laguna the value of investment commitments approved as of end-April showed a whopping 65 percent surge from the same period last year.
The BOI set a target of growing the total value of investments by 5 percent this year. The agency wanted to focus on the number and quality of jobs that would be generated from these proposed projects, in line with the Aquino administration’s goal of inclusive growth.
“We already saw a 65 percent growth in the first four months. I think we can surpass our target of 5 percent, especially since the response of the business community to the [ten-point] economic agenda bared by [President-elect Rodrigo] Duterte was positive and so most likely we will be able to sustain the growth in investment approvals,” Rodolfo said.
Last year, the BOI approved 358 projects with investment pledges amounting to P366.74 billion, up slightly by 3 percent from a year ago. These investments were expected to generate 58,252 new jobs once the projects become fully operational.
The Duterte administration’s 10-point agenda “emphasizes the need to maintain accelerated economic growth while ensuring that gains are broadly shared by the Filipino people,” a statement released by the transition team of incoming Finance Secretary Carlos G. Dominguez read.