Metro Manila (CNN Philippines, April 14) — Investment commitments in the Philippines ballooned by 155% in the first three months of the year, according to the Board of Investments (BOI).
In a statement on Friday, the BOI said the total approved investments for the period reached ₱463.3 billion, significantly higher than the ₱181.7 billion posted a year ago.
According to Trade Secretary Fred Pascual, the Philippines continued to attract investors from other countries as evidenced by strong foreign investments approved in the first quarter, which hit a whopping ₱165.4 billion against the previous ₱4.33 billion.
The majority of the foreign capital came from Germany with ₱157 billion. It was followed by the Netherlands, the United States, Japan, and the United Kingdom.
Domestic investments that secured BOI’s nod also increased to ₱297.9 billion.
“The steady growth is proof of the government’s resolve to further improve the country’s business environment through investment-friendly policies,” Pascual said.
“We shall continue with our aggressive investment promotion campaigns as investments are also set to provide higher quality and better-paying jobs for Filipinos,” he added.
The trade chief was optimistic that the agency would hit its annual investment target of ₱1.5 trillion amid “serious interest from global investors.”
