BPO among driver of 5% hike in approved investments this year

The Department of Trade and Industry (DTI) is expecting a 5% increase in approved investments this year, with the growth to be driven by the business process outsourcing (BPO), services, and manufacturing sectors. The forecast is just a conservative estimate based on the past years, said newly appointed DTI chief Adrian Cristobal. Last year, the Philippines saw a 3% rise in approved domestic and foreign investments from a year ago due to big energy-related projects. This year, the main drivers will be the sectors of BPO, services, and manufacturing, as well as growth in public spending, real estate, energy, and tourism. Last year, the Netherlands emerged as the top source of foreign investments, with 45% share of the total, followed by Singapore, Malaysia, South Korea, and Taiwan, the DTI said.