ASEAN KEY DESTINATIONS
Infrastructure to sustain Philippine investments
"We're bullish [about investment commitments in 2011]. It's hard to put a number now, but there should be double-digit growth next year," DTI Secretary Gregory Domingo told reporters last week.
"We're hoping infrastructure investments will start to kick in. Some announced PPP projects are coming in next year and over the next three years," said Domingo.
PPP refers to public-private partnership projects, which the government expects to fuel economic growth next year.
To prepare for the expected influx of infrastructure projects, the Cabinet would meet this week to determine the nationwide infrastructure requirements of various sectors such as agriculture, tourism and industry, Domingo said.
The DTI chief said the output of this Cabinet session, which would be led by the departments of Energy, of Public Works and Highways, and of Transportation and Communications, would be included in the Aquino administration's Medium Term Philippine Development Plan (MTPDP) 2011-2016.
Domingo said the DTI also expects additional investments in the business process outsourcing, mining and tourism industries. The department's two investment promotion agencies have posted growth in project approvals so far this year.
The Board of Investments (BOI) recently reported that pledges with the agency until end-October reached about P237 billion, almost threefold the about P80.4 billion generated in the same ten-month period last year.
The BOI is expecting full-year investments worth P287 billion-the same level as 2008. The incentives-giving agency last year approved only P124.175-billion worth of investments.
Investments committed to economic zones at end-September totaled P80.62 billion, up almost a third from the P61.05 billion pledged during the first three quarters of last year.
The government expects investments this year to reach P200-billion, or 15-percent higher than last year's P175.365 billion.
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