The Board of Investments (BOI) has approved some P200 billion worth of investments to date, according to Trade Undersecretary Cristino L. Panlilio.
This is equivalent to just half of this year’s target of P400 billion and the slow influx of investments was attributed to challenges in the permitting process for sectors such as energy and mining.
“And we are continuing to work hard to increase that,” Panlilio said in a briefing Thursday, noting that there was still time for new investments to come in.
The BOI wants to generate about P400 billion worth of investments this year, having posted P368 billion in 2011.
In the mining sector, bottlenecks include the lack of a mining revenue law on which to base mining contracts.
Industry stakeholders, through the Chamber of Mines of the Philippines, are also seeking clarification on the implementing rules of recent mining policy reforms that have to do with contract reviews.
To achieve its investment targets, the government is supporting investment missions, roadshows, and related activities.
The latest investment mission is a 30-person delegation from France that will come in time for the visit of French Prime Minister Jean-Marc Ayrault from Oct. 19 to 21.
“They’re (France) bringing a 30-person business delegation. I think that’s one to one: 30 companies, 30 people,” Trade Secretary Gregory Domingo told reporters.
The BOI is also conducting roadshows on the 2012 Investment Priorities Plan (IPP) in key cities nationwide to encourage local investments in key sectors.
The series of roadshows will be held in Butuan City, Baguio City, Bacolod City, Davao City, Puerto Princesa City, Cagayan de Oro City, Naga City, Tagbilaran City, and Pasay City. The roadshow is meant to rally key investors and agencies to participate in the IPP.
The country’s investment promotion agencies also recently signed a memorandum of agreement to pursue an integrated, collaborative, and harmonized investment promotion program.
The 2012 IPP lists the priority sectors that are eligible for incentives and these include agriculture/agribusiness and fishery and creative industries/knowledge-based services.