Wednesday, January 03, 2007 BOI hits P190B investments in '06
TRADE and Industry Undersecretary Elmer Hernandez, who is also Board of Investments (BOI) managing head, said the BoI posted a 16 percent increase in its investments, exceeding its 10 percent target.
The BOI finished the year with P190.66 billion worth of approved projects compared with P163.28 billion in 2005.
The Board of Investments, the government's premier investment promotion and generating agency, was able to surpass the aim under the Philippine Medium Term Development Plan (PMTDP) to hit 10 percent increase or P180 billion in investments in 2006 over 2005.
Hernandez cited the much improved fiscal position and improving business environment like the reduction of transaction and business costs as factors contributing in surpassing the target.
He also said that the improved credit ratings of the Philippines by international credit rating agencies were a major factor in building confidence of investors.
Hernandez added that other growth factors included those contributed by the information and technology sector.
He also said that of the total approved investments in terms of project cost, at least 60 percent have been accounted for by infrastructure projects as this sector was the main growth driver in the 2006 investments inflow. (PIA 6)
