Philippines' approved inward investments reached 7.52 bln USD in February

0 Comment(s)Print E-mail Xinhua, March 14, 2023
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MANILA, March 14 (Xinhua) -- The Philippines' Department of Trade and Industry (DTI) said Tuesday that its investment promotion arm, the Board of Investments (BOI), has approved around 414 billion pesos (roughly 7.52 billion U.S. dollars) worth of investments as of February this year.

"Due to the recent game-changing economic reforms adopted by the country, inward investments have shown positive signs," Trade Secretary Alfredo Pascual said, adding the BOI has recently raised its investment target to 1.5 trillion pesos (roughly 27.26 billion dollars) because of this development.

Pascual said the Philippines has shown robust consumption and gross domestic product growth, which prompted investors' interest.

"The Philippines is on a path toward economic recovery and growth following the COVID-19 pandemic," Pascual said. On several occasions, he quoted Philippine President Ferdinand Romualdez Marcos' statements that the Philippines "is now open for business."

"Our country's strong macroeconomic fundamentals and well-crafted structural reforms will serve us well as we confront the challenges of the current tightening of global financial markets and the prevailing inflationary pressures," Pascual said.

Pascual cited several reasons why the Philippines is an ideal investment location, including the country's large population which reflects a vast potential market. He said the country's strategic location makes it an ideal place to set up a regional hub for various businesses and the government's continuous work creates an enabling environment where businesses can thrive and prosper. Enditem

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