Philippines’ approved inward investments reach 7.52 b


The Philippines’ Department of Trade and Industry (DTI) said Tuesday that its investment promotion arm, the Board of Investments (BOI), has approved around 414 billion pesos (roughly 7.52 billion U.S. dollars) worth of investments as of February this year.

“Due to the recent game-changing economic reforms adopted by the country, inward investments have shown positive signs,” Trade Secretary Alfredo Pascual said, adding the BOI has recently raised its investment target to 1.5 trillion pesos (roughly 27.26 billion dollars) because of this development.

Pascual said the Philippines has shown robust consumption and gross domestic product growth, which prompted investors’ interest.— AA