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DTI Targets $10B in Foreign Investments

by: Sarah Joson

Thursday, July 19, 2012 | Outsourcing News |

PH President Eyeing More Foreign Direct Investments

Apart from creating more jobs and improving the country’s economic state, President Benigno Aquino III and his administration are working on attracting more foreign direct investments (FDI) to gain more than $10 billion a year for the industrial and services sectors.

According to Department of Trade and Industry (DTI) Secretary and Board of Investments Chairman Gregory Domingo, 24 business investors from countries such as Russia, Japan, and Turkey arrived in the Philippines during the first half of 2012 and they are quite interested in shipbuilding, agriculture, energy, steel, garments, and business process outsourcing (BPO).

The Board of Investments’ earlier projection of P400 billion is aligned with the $10 billion FDI goal.

The 2012 Investment Priorities Plan identifies 13 economic functions namely: agriculture/agribusiness and fishery, creative industries/knowledge-based services, shipbuilding, mass housing, iron and steel, energy, infrastructure and PPP, research & development, green projects, hospital and medical services projects, motor vehicles, strategic projects, and disaster prevention and recovery projects, which will receive tax grants from the government.

Domingo noted that President Aquino’s support played a huge role in the development of the country’s position in the global investment community.


Source:
http://ph.news.yahoo.com/

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