MANILA – Companies remain interested in medium- to long-term investment opportunities in the Philippines as pledges at the Board of Investments (BOI) continue to grow amid the pandemic, a trade official said.
In a press conference on Thursday, Trade Undersecretary and BOI managing head Ceferino Rodolfo said BOI-approved investments from January to August grew by 25 percent compared to the same period last year.
The BOI has yet to release the investment amount its Board of Directors has approved until August.
Rodolfo said companies continue to invest in the Philippines as they remain optimistic with the medium- to long-term potential of the country, particularly opportunities in infrastructure investments.
In May, the BOI approved the PHP531-billion Manila International Airport, a project of San Miguel Aerocity, Inc., which will rise in Bulakan, Bulacan. Projected employment for this investment is about 14,000 jobs.
“Moving forward, by 2021, we really need to pass legislation, like the CREATE (Corporate Recovery and Tax Incentives for Enterprises) and promote the Philippines as (an) investment destination,” he said in Filipino.
Rodolfo also welcomed the easing unemployment rate last July at 10 percent, better than the 17.7 percent unemployment rate in April 2020, as the government gradually reopens economic activities.
“We will be closely working with NEDA (National Economic and Development Authority), DOLE (Department of Labor and Employment), and DOH (Department of Health) for the continuous safe reopening of our sectors,” he added. (PNA)
