PHL attracting more investments from ASEAN neighbors — BoI

INVESTMENT PLEDGES from Association of Southeast Asian Nations (ASEAN) countries have reached P251.98 billion since 2020, reflecting the region’s increasing confidence in the Philippines, the Board of Investments Gol) said.

- Justine Irish D. Tabile Reporter

“Aswe build stronger trade and investment ties with our ASEAN neighbors, these numbers reflect the growing confidence of foreign investors in the Philippines as a place for business growth,” Trade Secretary and Bol Chairperson Ma, Cristina A. Roque said ina statement on Tuesday.

“We will keep working to create a stable and welcoming business environment, one that brings in more investments and opens up real opportunities for Filipinos,” she added.

According to the Bol, Singapore has been the biggest source of investment pledges since 2020, accounting for P245.97 billion of the total. The other top sources were Thailand with P4.34 billion, Malaysia with P1.65 billion, and Indonesia with P12.27 million.

In terms of industries, around P170 billion of these investments went to the information and communication sector, while P74.2 billion went to the power sector.

“The Bol-approved projects from ASEAN investors, particularly those in the information and communication and the renewable energy sectors, align with the Philippines’ push for smart and sustainable manufacturing and services,” said Bol Executive Director Evariste M. Cagatan.