Trade and Industry Secretary Ramon M. Lopez expects more foreign investment pledges to be registered under the Board of Investments (BOI), fueling hopes that the share of foreign pledges would reach 30 to 35 percent of the entire investment pool this year.
He said the government’s pivot to nontraditional partners such as China would help fuel the growth.
“Indications are coming from new interested countries or investors. From China alone, there’s a big wave of infrastructure, power, and energy,” he said. Last year, foreigners contributed 20 percent to the entire pie.
The country’s renewed friendship with China following a softer stance on territorial disputes showed positive signs for the bilateral economic relationship.
The Board of Investments, which is one of seven investment promotion agencies in the country, targets to register P500 billion worth of total investment pledges by year-end, an all time high.
Last year, Australians topped the list of foreign investors, accounting for investments worth P30.5 billion. Singapore investors came in second with P13.6 billion, followed by The Netherlands with P13.1 billion, Japan with P6.8 billion, and South Korea with P6.4 billion. —ROY STEPHEN C. CANIVEL