philstar.com
July 08, 2011
MANILA, Philippines (Xinhua) - Foreign investments to the Philippines rose by 189 percent in the first 5 months of this year, Trade and Industry Secretary Gregory Domingo said at a cabinet meeting on today.
Citing statistics from the Philippine Economic Zone Authority (PEZA) and the Bureau of Investment (BoI), Domingo said investment pledges at the BoI hit P191.35 billion ($4.47 billion) in the January-May period this year, a 338-percent surge from the previous year's P43.65 billion ($1 billion), while investment commitments at the PEZA rose 48 percent as of May, to P68.59 billion ($1.6 billion) from the P46.35 billion ($1.08 billion) reported in the same period of last year.
He noted that a total of 390 projects were approved by the two investment promotion agencies since May. Once fully operational, the projects are expected to generate 74,266 jobs.
At present, Domingo stressed that the Department of Trade and Industry (DTI) is expanding and strengthening its thrust to Small and Medium Enterprises (SMEs) in order to provide job opportunities to unskilled potential workers in rural areas.
Citing statistics from the Philippine Economic Zone Authority (PEZA) and the Bureau of Investment (BoI), Domingo said investment pledges at the BoI hit P191.35 billion ($4.47 billion) in the January-May period this year, a 338-percent surge from the previous year's P43.65 billion ($1 billion), while investment commitments at the PEZA rose 48 percent as of May, to P68.59 billion ($1.6 billion) from the P46.35 billion ($1.08 billion) reported in the same period of last year.
He noted that a total of 390 projects were approved by the two investment promotion agencies since May. Once fully operational, the projects are expected to generate 74,266 jobs.
At present, Domingo stressed that the Department of Trade and Industry (DTI) is expanding and strengthening its thrust to Small and Medium Enterprises (SMEs) in order to provide job opportunities to unskilled potential workers in rural areas.
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