The Board of Investments (BOI) would miss its P905-billion target by 35 percent this year as the pandemic weighed on capital globally as well as the surge of the new coronavirus disease 2019 Delta variant that limited the movement of investors.
BOI managing head Ceferino Rodolfo in a press briefing said as of October, pledges have amounted to P376 billion, with P225 billion more to be approved in the remaining two months, bringing the number to about P600 billion by the end of the year.
Rodolfo said the agency is anticipating P700 billion projects in the pipeline of which P300 billion have been checklisted for requirements.
He said the pandemic had a big impact on investments despite the passage of the Corporate Recovery and tax Incentives for Enterprises (CREATE).
“Even with CREATE, it was hard to attract investments. Incentives are not enough. We need to open and allow investors to come,” Rodolfo said.
He expressed confidence that as restrictions ease, mobility will improve as well.
According to Rodolfo, a P150-billion telecom network project is to be approved this year. He declined to name the proponent but said it is neither of the three existing players.
Rodolfo said other projects in the pipeline include more telecom towers, cement, renewable energy, poultry, shipping among others.
