MANILA-- The Philippine government targets to hit USD22 billion, or over Php 1.0 trillion worth of foreign direct investments within the Duterte administration.
Under the Philippine Investment Promotion Plan (PIPP), the 19 investment promotion agencies (IPAs) agreed to have a focused approach in promoting the country as investment destination for foreign companies.
According to the Board of Investments (BOI), the country's leading IPA in terms of investment approvals, the 19 IPAs had its strategic planning in Zamboanga City from March 15 to 17 to set the direction to achieve the USD22-billion investment target by 2022.
BOI Managing Director Ceferino Rodolfo said the IPAs will undertake a focused marketing approach, while also linking the industry roadmaps in their investment campaigns.
Data from the Bangko Sentral ng Pilipinas (BSP) showed that the country had FDI inflows of USD7.93 billion (Php 398 billion) in 2016, which rose 41 percent from USD5.64 billion (Php 283 billion) net FDI in its previous year.
Moreover, the Philippine Statistics Authority (PSA) recorded a total of Php 219 billion worth of foreign investment approvals last year from seven major IPAs.
The country's seven major IPAs include the BOI, BOI-Autonomous Region in Muslim Mindanao, Philippine Economic Zone Authority, Authority of the Freeport Area of Bataan, Clark Development Corp., Cagayan Economic Zone Authority, and Subic Bay Metropolitan Authority.
Completing the 19 IPAs are Aurora Pacific Economic Zone and Freeport Area, Bases Conversion and Development Authority, Clark International Airport Corp. , John Hay Management Corp. , Mindanao Development Authority, Philippine Retirement Authority, Phividec Industrial Authority, Poro Point Management Corp., Subic Clark Alliance for Development Council, Tourism Infrastructure and Enterprise Zone Authority, Tourism Promotions Board, and Zamboanga City Special Economic Zone Authority.
Source: Philippines News Agency