Philippines expects up to 20% annual investment growth in 2016


Investors continue to have confidence and trust in the Philippine government, prompting a solid double-digit investment growth this year. The Board of Investments (BOI) expects 15% to 20% increase in new project commitments for 2016, the first time in many years that the commitments hit a solid double-digit rise. BOI-approved investments grew 49 percent in the January-September period this year to P286.44 billion compared with the P192.39 posted the same period in 2015. Trade and Industry Secretary Ramon M. Lopez expects more investments in the country as President Rodrigo Duterte has assured domestic business groups such as the IT Business Process Association of the Philippines of good economic fundamentals and steady policy of the government.