DTI sees investments reaching P400 billion

MANILA, Philippines –  The Department of Trade and Industry (DTI) expects investments to hit more than P400 billion this year, surpassing the P345-billion yearend target of the government.

“We may surpass the P400-billion investments for this year,” Trade Secretary Gregory L. Domingo said in a press conference yesterday afternoon.

“The investors are upbeat,” Domingo said. Combined investments for the two attached agencies of the DTI – the Board of Investments (BOI) and the Philippine Economic Zone Authority (PEZA) amounted to P240.41 billion for the first seven months of the year.

“The Philippines is not in the radar of foreign businessmen. We have to raise consciousness in order for them to visit our country,” Domingo said.

Domingo said he has already asked Undersecretary Cristino L. Panlilio to visit the Middle East and Europe to encourage these businessmen to come to the Philippines.

Data from the BOI showed that from January to July this year, investments gathered by the BOI stood at P171.8 billion. This was 297 percent higher than the P43.226 billion worth of investments obtained during the same period in 2009.

Meanwhile, PEZA Director General Lillia B. de Lima said that investments for January to July stood at P68.61 billion from the P43.550 billion a year ago. De Lima noted most of the investments were for expansions but there were also new investments especially in the semiconductor and tourism industry.