MANILA, Sept 17 (NNN-PNA) – The Philippines approved 1.35 trillion pesos (about 24.2 billion U.S. dollars) worth of investments, so far this year, an 82 percent increase from the same period last year, the Philippines’ Board of Investments (BOI) said, yesterday.
The BOI said that, the rise was primarily driven by the energy sector, which accounted for 1.29 trillion pesos (23 billion dollars), followed by real estate and manufacturing.
The year-to-date approvals surpassed the 1.26 trillion pesos (22.59 billion dollars) full-year figure for last year.
“We have identified key sectors – renewable energy, semiconductors and electronics, mining and mineral processing, food and agriculture, pharmaceuticals, and steel – as essential drivers of the country’s growth,” Special Assistant to the President, for Investments and Economic Affairs, Frederick Go, said.
Foreign investments accounted for 341.78 billion pesos (six billion dollars), led by Switzerland, which contributed 286.77 billion pesos (five billion dollars).– NNN-PNA
