Trade Secretary Ramon Lopez expressed optimism the Philippines will be able to sustain its P1-trillion peso investment level until 2021 even as growth of exports may slow within the next three years.
In his speech at the Manufacturing Summit on Wednesday, Lopez said the Board of Investments (BOI) expects more than a trillion pesos in investments by 2021 with potentially over 34,000 jobs generated.
Lopez said for the first three quarters of 2020, the BOI registered approvals of over $15 billion or over P735 billion, making the agency on track to hit P1 trillion investment registrations for the year, the second highest mark in the agency’s history after last year’s.
“We are still seeing significant inflows despite the challenges during the pandemic,” Lopez said.
He said the BOI is tracking 90 notable investment leads with high probability of completion, valued at $24.1 billion or more than a trillion pesos, generating 134,855 jobs.
Lopez bared there are 73 other target investment leads that BOI will invite directly, coming from the US, Malaysia, Japan, China, Taiwan and Europe.
Lopez said the Philippines is trimming down its three-year export forecast slightly but still expects positive growth.
The Philippine Export Development Plan for 2018-2022 sets a range of $122 billion to $130 billion in exports but stakeholders believe the country can only manage to hit the low-end of the target.
Both for merchandise and services to be led by electronics , the information technology-business process management, processed food and beverages and tourism and travel-related services.
Following the strong pick-up in international merchandise trade since June, merchandise exports rebounded strongly in September, registering a 2.2 percent increase from the revised double-digit negative growth rate of 12.8 percent in the previous month.