DTI investment target for 2000 set at P250 B

The Department of Trade and Industry (DTI) has set an investment target of P250 billion this year including a $1.3-billion mass transport project involving three European companies.

The DTI said improved economic prospects will lure more investments but officials are not optimistic that investments will bounce back to pre-crisis levels.

According to the Board of Investments, an agency attached to the DTI and is in charge of developing investment leads and administering incentives, it will take time for investor confidence to come back.

During the first half of the year, investments will be slow coming in since investors will be waiting for the BOI to work out the final details of its incentive program.

Despite the wait-and-see attitude, however, the BOI said it is expecting a number of big-ticket projects, including a $1.3-billion mass transport project that will involve three European companies.

Another mass transport project that will cost about P54 billion will ferry commuters from Manila to adjacent towns and cities. The BOI did not reveal who the proponents are but said that the project has already been approved by the Investments Coordinating Council. Also, the BOI said the international container terminal being planned by a Belgian company is likely to push through this year. This has a project cost of $350 million.

The BOI said there are two water distribution projects pending for approval, with an estimated total projects of P15 billion. This project will be undertaken by a French company for Cebu City and Bulacan.

Other projects in the early stages of preparations are the $60-million IT project by a US-based electronics firm, an industrial part development project to be undertaken by a local proponent and the Jurong Town developers of Indonesia and the $600 million petrochemical and the Jurong Town developers of Indonesia and the $600-million petrochemical project which was still being prepared for application.