BOI approves $2.2 billion worth of investments in 3 months
Almost P126 billion worth of investments were approved by the Board of Investments from July to October this year.
According to a statement issued by the Department of Trade and Industry (DTI), these investments are expected to create 9,000 jobs in the country.
The trade department also said that about $18 billion worth of investment pledges were garnered from the Philippines delegation’s official visits to Indonesia, Singapore, and the United States.
“These investment pledges are in industries of strategic importance, including the establishment of data centers, digital connectivity, renewable energy, textiles and garments, and construction, among others,” said trade secretary Alfredo Pascual.
DTI also noted that since the appointment of Pascual as the department head, significant progress has been made to address issues on work-from-home (WFH) arrangements for the information technology business process management (IT-BPM) sector.
The Fiscal Incentives Review Board (FIRB) which is also chaired by Pascual also implemented the seamless transfer of companies’ membership or registration from the Philippine Economic Zone Authority (PEZA) to BPO. This transfer allowed IT-BPM firms to fully implement 100 per cent work-from-home (WFH) arrangements without losing tax incentives.
Related news
- Duterte gov’t approves P1.1Tn manufacturing investments · 23 Jun
- FIRB approves incentives for P119Bn worth of projects · 11 Apr
- FIRB grants 70:30 hybrid work for IT-BPMs · 25 Jul
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