THE Board of Investments (BoI) said it maintained its target for approved investment applications this year at P1.75 trillion.
“We will stick to that. And next year we’re hosting ASEAN 2026, so that will open the Philippines to our counterparts,” BoI Chairman and Trade Secretary Ma. Cristina A. Roque said on the sidelines of the media launch of the 51st Philippine Business Conference and Expo.
“We will show our best. We are preparing for that,” she added.
The P1.75-trillion approvals target, if achieved, would represent an 8% rise from the P1.62 trillion worth of approvals in 2024.
The Philippine Statistics Authority reported that BoI-approved investments hit P382.24 billion in the first half, about 60% behind the year-earlier approval pace.
Ms. Roque said approvals have been affected by the uncertainty surrounding US reciprocal tariffs.
When the tariff situation for Southeast Asia clears up, “then, businesspeople can already choose to really stay here,” she said.
“But I think we’ll still have an edge because 19% is not that big compared to others,” she added.
On Aug. 7, the US started collecting a reciprocal tariff of 19% on Philippine goods entering the US market.
To attract more foreign investment, she said that the government will be sending more trade missions throughout the year.
“We are scheduled to go to Cambodia, Osaka, Japan, and New York. We are hoping for France plus other countries,” she said.
“Despite the tariffs, I think it’s business as usual. If you’re a businessperson, you don’t stop your business because of all of these tariffs … We still have to go on and maneuver using (every opportunity) offered to us,” she added. — Justine Irish D. Tabile