MANILA, Philippines, Nov. 22, 2019 /PRNewswire/ -- New data has unveiled a surge in BOI approved foreign investments which are expected to flow into the Philippines over the next 2-3 years.
These initiatives have made the Philippines a top investment destination, largely attributable to its continuing digital transformation and combined information and communications technology (ICT) and infrastructure efforts.
Approved foreign investments by the end of September 2019 reached USD4.7 billion, a 613% rise from USD659 million in the same period in 2018, BOI figures show. Investment approvals as of September 2019 totaled USD15 billion, a 105% jump from USD7.31 billion in the same period of the previous year.
The tourism sector also continues to rise with USD186.3 million worth of hotel and accommodation projects, while manufacturing is seeing consistent growth of USD1.24 billion of approvals, a 190% increase on last year.
Trade and Industry Secretary and BOI chairman Ramon M. Lopez applauded the results, commenting: "This data shows that big-ticket projects are now rolling in, proving the strength and resilience of the Philippines economy in attracting foreign investors despite the global slowdown.
"The results are a testament to the Philippines as a great place for foreign investment where business can thrive."
Explore investment opportunities in the Philippines
Investors can explore business opportunities in the Philippines at Invest ASEAN 2019 in Busan, South Korea on November 25-26 where the BOI will represent the country considered by the US News and World Report in 2018 as the best to invest in.
At this event, BOI will showcase opportunities in specific priority sectors: manufacturing, specifically electric vehicle and auto parts; infrastructure and construction; and tourism.
"This growth, together with a suite of incentives such as tax holidays and exemptions from duties on imported spare parts makes the Philippines an enviable investment destination and one-stop-shop for business within Asia and beyond," added Lopez.
For interview opportunities with BOI representatives in the run-up to and during Invest ASEAN 2019, please contact Lanie Dormiendo (LODormiendo@boi.gov.ph) and visit the BOI stand at the Philippines pavilion.
For more information on investment activities and prospects in the Philippines, please visit the Philippines Board of Investments website at http://www.boi.gov.ph
About the Philippine Board of Investments
The Philippine Board of Investments (BOI), an attached agency of the Department of Trade and Industry (DTI), is the lead government agency responsible for the promotion of investments in the Philippines. Taking the lead in the promotion of investments, BOI assists Filipino and foreign investors to venture and prosper in desirable areas of economic activities. More information about investment opportunities in the Philippines, visit boi.gov.ph or call (+632)8897-6682.
