DTI Bullish on Foreign Investments
MANILA, Philippines - The Philippines said it aims to boost foreign direct investments in call centers, factories and shipyards to more than $10 billion a year, as President Benigno Aquino strives to create jobs and bolster growth.
The Philippines received 24 business teams in the first half of the year from countries including Russia, Turkey and Japan, Trade and Industry Secretary Gregory Domingo said. Investors are keen on shipbuilding, agriculture, energy, steel, garments, and business process outsourcing, he said.
The $10 billion FDI target coincides with the goal set earlier this year by the Board of Investments, which is chaired by Domingo, to generate P400 billion this year. The BOI target is supported by the 2012 Investment Priorities Plan, which identifies 13 preferred economic activities that are granted a package of tax incentives by the government.
This year's IPP comprises a total of 13 preferred economic activities including agriculture/agribusiness and fishery, creative industries/knowledge-based services, shipbuilding, mass housing, iron and steel, energy, infrastructure and PPP, research & development, green projects, hospital and medical services projects, motor vehicles, strategic projects, and disaster prevention and recovery projects.
"The biggest thing that has improved our standing in the investment community globally has been President Aquino's governance," Domingo said in an interview in his office in Manila yesterday.
Aquino is winning confidence from investors and rating companies as he fights corruption and boosts infrastructure spending to transform the nation into a manufacturing hub in the region. …