MANILA, Philippines – The Board of Investments (BOI) expects its approved investment pledges to swell next year on the entry of more Chinese investors to the country.
BOI managing head Ceferino Rodolfo said the influx of new Chinese investors could be felt starting next year as a result of the current administration’s push for stronger economic ties with China.
“They (investments from China) are about to come beginning next year. And once they arrived, our approved investments could further improve,” Rodolfo said.
As of the nine months ending September 2016, the BOI has approved investments worth P286.44 billion, up 49 percent from P192.39 billion in the same period last year.
Of these investment pledges, only a small portion is from Chinese investors, while the bigger part comes from Singapore, Netherlands, and Japan.
The BOI said it is expecting to approve about 44 more projects in the coming months. These projects are worth P52.03 billion.
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Rodolfo, however, said the expected deluge of Chinese investments to the country is still not part of this incoming P52.03 billion worth of new projects.
For this year, the BOI is targeting to grow its investment approvals by 10 percent from the P366.74 billion recorded in 2015.
With the country’s improving relationship with China, the Department of Trade and Industry and its counterpart in China are currently in talks for the creation of an industrial economic zone in the country that would be developed and financed mostly by the latter.
The plan is expected be threshed out on a Joint Commission on Economic and Trade Cooperation meeting scheduled by January or February next year.
Rodolfo said more trade and investments from China is being welcomed by the government as this would translate to more jobs for Filipinos.
