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PH hit P1T in investment pledges in 2020 despite pandemic, targets P1.25T in 2021

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ABS-CBN News

<p>MANILA - The Philippines posted P1.02 trillion in investment pledges or approved investments last year despite the impact of the pandemic, the Board of Investments (BOI) said Tuesday.</p><p>This came from 311 approved projects in 2020, which is expected to generate 55,124 jobs, the BOI said.</p><p>Approved investments are commitments and pledges greenlighted by the BOI, which will turn into direct investments once they materialize.</p><p>This year, BOI is targeting P1.25 trillion worth of approved investments.</p><p>BOI said the P1-trillion mark was hit due to two large-scale power projects and a water supply project approved towards the end of 2020.</p><p>There were increased investments in power, water, transportation and storage sectors, it added.</p><p>&quot;Moving forward to 2021, we expect that investments in these types of projects will intensify particularly in infrastructure -- road, ports and telecoms -- in water and power,” Trade Secretary Ramon Lopez said in a statement.</p><p>The BOI is under the Department of Trade and Industry (DTI).</p><p>Lopez said the passage of the CREATE bill will be a &quot;game changer&quot; as it will give a boost in attracting foreign investments to the Philippines.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/02/01/21/bicam-approves-create-bill-which-lowers-corporate-income-taxes">Bicam approves CREATE bill which lowers corporate income taxes</a></li></ul><p>Latest data from the Bangko Sentral show net inflows of foreign direct investments (FDI) to the Philippines shrank 24.5 percent to $423 million in October last year from $561 million the same month a year ago.</p><div><br/><strong> RELATED VIDEO</strong></div><figure class="op-interactive"><iframe height="315" src="https://www.youtube.com/embed/fd_AA6U8h4Y?enablejsapi=1" width="560"></iframe></figure><div class="iwantbar">Watch more in <a href="//www.iwantv.com.ph/">iWantv</a> or <a href="//tfc.tv/">TFC.tv</a></div>

<p>The Philippines posted P1.02 trillion of approved investments last year despite the impacts of the pandemic, the Board of Investments (BOI) said Tuesday.</p>

The Philippines posted P1.02 trillion of approved investments last year despite the impacts of the pandemic, the Board of Investments (BOI) said Tuesday.