P680 billion in BoI-registered investments targeted in 2018

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THE Board of Investments (BoI) has set a target of P680 billion worth of registered investments in 2018, led by the manufacturing sector.

BoI Managing Head Ceferino S. Rodolfo disclosed the target at a briefing on Monday. The total for 2017 registered investments is P617 billion, which beat the P500 billion target.

“In manufacturing, we’re expecting upstream industries. We’re expecting more from cement, and hopefully steel will also enter and shipbuilding and petrochemicals. We also have investments from there,” Mr. Rodolfo told BusinessWorld.

Last year, Chinese firms approached the BoI to explore ventures in oil, steel, petrochemicals and other industries, after President Rodrigo R. Duterte based his foreign policy on improved relations with China.

Mr. Rodolfo said the Department of Trade and Industry’s investment promotions arm is also expecting more investment from the power and infrastructure sectors, buoyed by strong domestic consumption and the government’s aggressive building program.

In terms of employment to be generated by the proposed investments, Undersecretary for Management Services Group Rowel S. Barba said that the target is one million new jobs a year until the end of Mr. Duterte’s term. — Anna Gabriela A. Mogato