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Following the hurdles caused by the pandemic in 2021, the Board of Investments (BOI) is hopeful of surpassing the PHP1-trillion mark in investment approvals this year.

Ramon Lopez, the Trade Secretary and Chairman of the Board of Investments are upbeat about the future after seeing an increase in foreign investment in the country.

“We are confident of hitting PHP1 trillion in BOI approved investments this year, buoyed by 2021 FDI (foreign direct investments) results as well as the healthy pipeline of strong investment leads—both foreign and domestic—and with the reforms that we expect to be passed in the coming months,” Lopez said in a statement Tuesday.

Foreign investments in BOI alone surged by 218 percent to PHP151.8 billion in 2021, compared to the previous year’s total.

The Bangko Sentral ng Pilipinas (BSP) also revealed that FDI inflows into the Philippines increased by 48 percent to USD8.1 billion from January to October 2021, compared to the same period in 2020.

Ceferino Rodolfo, the BOI’s managing director, said the BOI missed its 2021 investment approval target owing to tougher travel restrictions around the world in the wake of the Delta variant’s spike.

“The global spike in the Delta version, as well as the development of the Omicron variant, resulted in global setbacks in economic recovery, which led to the installation of harsher protocols in the country.” Last year, we were hammered particularly hard in the second and early third quarters,” Rodolfo explained.

According to BOI data, total approved investments, including Fiscal Incentives Review Board (FIRB) approvals, were PHP655.4 billion last year, falling short of the BOI’s PHP905-billion objective.

There are 235 projects totaling 46,836 new employment predicted to be created as a result of these investments.

The economic reforms, such as the recently signed Retail Trade Liberalization Law and the timely passage of the Public Service Act and the Foreign Investments Act, according to the trade officials, will assist the country attract additional investments.

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