The Philippine Investment Agency (BOI) is aiming to obtain investment commitments worth 1250 billion pesos this year because it hopes that the Philippines will recover from the recession triggered by COVID-19 and it is trying to attract investors. The Minister of Trade and Industry and BOI Chairman Lopez said, “We are working towards a V-shaped recovery of the Philippine economy in 2021 and are therefore aiming at the original investment target before the 2020 pandemic.” The Minister of Trade and Industry pointed out The investment promotion agency originally set a target of 1250 billion pesos last year, but because the pandemic hit the economy, it "recalibrated" it to 1 trillion pesos.
The investment commitments approved last year reached P1020 billion. B OI said that although the investment commitment approved last year was 11% lower than the P11140 billion in 2019, it is still the second largest investment promotion agency in its 53-year history. high. However, BOI has reached the revised target last year.
Lopez said, "Towards the end of 2020, the Department of Energy (DOE) approved two strategic power projects and approved a vital water supply and distribution project that is particularly important to ensure water safety and contribute to flood control. With the support of the government, this institution has achieved its goals.” The Minister of Trade and Industry said that this year, investment in infrastructure such as roads, wharves, telecommunications, water services and electricity will be strengthened. Rudolph, Deputy Minister of Trade and Industry and Managing Director of the Investment Agency, highlighted the role of investment facilitation to achieve the agency’s goals, especially due to the impact of the pandemic.
(Source: Feilong.com)
