BOI reports FDIs rose 29% in 5 months to P7 billion

By Bernie Cahiles-Magkilat | Updated July 6, 2018, 12:20 AM 

Foreign direct investments (FDIs) registered with the Board of Investments (BOI) grew 29 percent from January to May 2018 to P7 billion compared to the P5.38 billion in the same period last year.

Top FDI contributors were Japan, Italy, China, US, and Hong Kong.

The growth in FDIs contributed to the overall increase in BOI registrations as investment projects approved by the agency was up by 18.92 percent from January to May 2018 to P207.480 billion from only P174.472 billion recorded in the same period last year.

BOI data showed Japan the country’s top foreign investor with P2.645 billion from January to May 2018, followed by Italy with P485 million, China with P472 million, United States with P463 million, and Hong Kong with P206.82 million.

Toyota Motor Philippines Corporation (TMPC) was the top investor for May, 2018 increasing its additional investments in the CARS Program by P2.56 billion, including the P899 million in body side member stamping. The body shell of Toyota Vios model is now manufactured locally from a previously purely welding operation.

On the other hand, Mitsubishi Motor Philippines Corporation also reported an increase of P820 million which, together with Toyota’s new investments, brings in the total additional CARS investments of P3.38 billion.

“The Philippines has a growing economy. In fact, our country is projected to grow more than five times its current economic size and become the 24th biggest economy in the world by 2030. Together with this growth, we see stronger demand for many projects on infrastructure, services, manufacturing, and utilities,” said Trade Secretary and BOI Chairman Ramon Lopez.

“An expanding economy also means a fast-growing consumer base and middle class with stronger purchasing power,” he said.

“These figures are just preliminaries. We expect more foreign investments to come in as a result of the various presidential visits and investment promotion activities conducted in the past months,” said Lopez.

Source: https://business.mb.com.ph/2018/07/05/boi-reports-fdis-rose-29-in-5-months-to-p7-billion/