The government is keeping the P500-billion investment target in 2017, as it aims to double the share of manufacturing in overall investments this year.
Trade Undersecretary and Board of Investments managing director Ceferino Rodolfo said the department was optimistic investors would continue to make the Philippines the choice location for their investments.
“There will be no revisions to the government’s investments target of P500 billion. We’ve been fighting for the recovery of the manufacturing sector since we’ve launched the manufacturing resurgence program,” he said.
The BOI expects growth in big-ticket projects such as power generation, cement manufacturing and construction-related investments.
Overall investments in 2016 grew 20.4 to P441.8 billion from P366.7 billion in 2015. It was the second highest value of investments since 2000, and next only to P466 billion registered in 2013. The 20.4-percent growth also exceeded the agency’s 7-percent target for 2016.
About 377 projects were approved and were expected to generate about 67,615 in new jobs once these investment projects become fully operational.
“The revival of the manufacturing sector is key to inclusive economic growth because it will generate much-needed decent employment and help the country tap regional production networks,” Rodolfo said.