RP aims to attract P2.405-trillion investments by year 2014

MANILA, Philippines - The country is looking at more than doubling the current investment approvals in a span of five years and attract P2.405 trillion worth of investments by 2014, the Department of Trade and Industry (DTI) announced yesterday.

At the launching of the Philippine Investments Promotions Plan (PIPP), PIPP Steering Committee chairperson Benigno N. Ricafort said that the DTI is aiming to more than double the current investment approvals.

Based on the study made in cooperation with the Japan International Cooperation Agency (JICA), investment growth rate can hit as high as 20 percent by 2014. For this year, the study said that investments could grow by 10 percent or P345.4 billion.

During his presentation, JICA chief resident representative Norio Matsuda said that the integral component of the PIPP is a strategy paper for the Japanese Investment Market, which lays down the strategic approach for the investment promotion agencies to generate more foreign direct investments from Japan.

He noted that the main focus of the PIPP is on marketing strategies rather than investment incentives or investment climate.

In general, Matsuda said the target sectors are agro-industry, BPO/IT services, electronics/semiconductors, energy/electricity, logistics hub, mining, shipbuilding and tourism. For Japan investments, the focus must be transportation parts, transportation equipment, iron and steel and mining.

When asked if this PIPP will be implemented given the change in the administration of the country’s investment promotion offices, Trade Secretary Jesli A. Lapus said that the PIPP is already a five year road map.

 “Whoever will come in will follow the blue print for the master edifice. Without the master plan anyone who will come in the office will start to do their own policy,” Lapus said. “If anything is permanent, it is those master plan especially with the bilateral agreements,” he added.

The PIPP is a blueprint for all the Investment Promotion Agencies (IPAs) to synchronize strategies in investment promotion. As a medium term marketing development plan covering 2010 to 2014, this document lays down the strategies to achieve a world class brand image for the country.