Investments are seen hitting P1.5 trillion while exports are expected to rebound in 2020, the Department of Trade and Industry (DTI) said.
The Board of Investments (BOI) is seen ending the year with up to P1.2 trillion worth of investments after surpassing its P1-trillion full-year goal as of October .
The DTI said as the economy demands more business support, the BOI will attract more investments in infrastructure such as energy, power and telecommunication as well as manufacturing.
The DTI sees opportunities for power to meet demand especially in Luzon.
The agency notes export of merchandise goods will be flat this year but services will continue to show single digit growth, which will push overall exports to a positive growth.
In 2020, the DTI said exports should to rebound to a growth rate of 4 to 6 percent
As of October, BOI logged P1.040 trillion in investment approvals boosted by a single project, Dito Telecommunity Corp.’s P210-billion project as the third major telecom player.
The 10-month figure is up 139.6 percent from P434 billion in the same period last year.
By sector information and communications (IT) sector accounted for half of total investments at P518.8 billion to date while power remains a steady source of investments with P383.2 billion or a 119.3 percent jump from P174.7 billion a year ago.