The Board of Investments is confident it would hit its P1 trillion investment approvals target for 2023, citing serious interests from global investors.
“Such growth is remarkable as it is the country’s biggest economic expansion in nearly 50 years since 1976’s 8.8 percent growth. This is a testament to the efficiency of our government’s post-pandemic recovery efforts. We shall continue our aggressive investment promotion campaigns as investments are also set to provide higher quality and better-paying jobs for Filipinos,” Pascual said.
“The increase in investments proves that the government’s promotional visits abroad led by no less than the President himself, are working as a growing number of investors from around the globe, from Southeast Asia, the US, Belgium, China, and most recently Japan, have shown strong interest in putting in more investments into the country,” he boasted.
Conversely, BOI registered the largest approvals in 2022 among the investment promotion agencies , P729 billion of P927 billion, equivalent to 76 percent of total IPA foreign and domestic approved investments. The renewable energy/power sector remains dominant with P398.7 billion in approvals to date, up 138 percent from the same period last year with P167.9 billion. Manufacturing is also on the upswing with P12.3 billion in approvals, up 13,982 percent from just P87 million in the same time frame in 2022. Administrative services , agriculture , and transportation also make up the biggest sectors.
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