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NEWS UPDATES 21 September 2009

Philippines expects big projects to drive up investments

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Big ticket investments in green energy projects, mining and oil refinery particularly from the Middle East are under way that would enable Philippines’ Board of Investments (BoI) to make up for the slow investments inflow in the first nine months of the year, reported the Manila Bulletin.

Trade and Industry Undersecretary and BoI managing head Elmer C Hernandez said at a press conference that these investments are being firmed up and are expected to come in before the end of the year.

“We can catch up given our investment leads, we can hit our target. We have billion dollar leads,” Hernandez said. As of August this year, approved BoI investments have reached over 70 billion peso (1$=49 peso) or 70 percent behind their 287 billion peso investments haul last year. The BoI has set a flat growth in investments this year following the global financial crisis.

On the power sector alone, Hernandez said three power projects worth billions of pesos and using green technologies are expected to line up for BoI soon.


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