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PH hit P1T in investment pledges in 2020 despite pandemic, targets P1.25T in 2021

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MANILA - The Philippines posted P1.02 trillion in investment pledges or approved investments last year despite the impact of the pandemic, the Board of Investments said Tuesday.

This came from 311 approved projects in 2020, which is expected to generate 55,124 jobs, the BOI said.

Approved investments are commitments and pledges greenlighted by the BOI, which will turn into direct investments once they materialize.BOI said the P1-trillion mark was hit due to two large-scale power projects and a water supply project approved towards the end of 2020.

Latest data from the Bangko Sentral show net inflows of foreign direct investments to the Philippines shrank 24.5 percent to $423 million in October last year from $561 million the same month a year ago.

 

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