Wow. Now that we have our target, let’s help the Philippine government meet this target.
From Manila Bulletin
Aquino Gov’t Sets P5-Trillion Investments Target In 6 Years
MANILA, Philippines — The Aquino administration has set P5.15 trillion investments target within its six-year (2011-2016) term with the government’s 13 investment promotion agencies (IPAs) enhancing their marketing programs to attract more foreign capital into the country.
Data showed that IPAs aim to generate a total of P5.15 trillion-worth of investments at the end of the Aquino government’s term in 2016. Investments generated by the IPAs are computed via the project cost of every enterprise they registered.
The 13 IPAs, which have separate mandates to grant tax and fiscal incentives to their registered investors, include the Board of Investments (BOI), Clark Development Corporation (CDC), Philippine Economic Zone Authority (PEZA), Bases Conversion Development Authority (BCDA), Cagayan Economic Zone Authority (CEZA), Philippine Retirement Authority (PRA), Subic Bay Metropolitan Authority (SBMA), Regional BOI-Autonomous Region in Muslim Mindanao (BOI-ARMM), Phividec Industrial Authority, Zamboanga City Special Economic Zone Authority (ZCSEZA), Aurora Pacific Economic Zone and Freeport Authority (APECO), Tourism Infrastructure and Enterprise Zone Authority (TIEZA) and Freeport Area of Bataan.
From the actual P757.3 billion total investments the IPAs generated in 2011, the government expects to generate P795.2 billion this year. The investments inflow is expected to increase in 2013 with P835 billion and P876.8 billion in 2014.
The IPAs are targeting an accelerated investments inflow in the last two years of the Aquino administration with P920.6 billion in 2015 and P966.6 billion in 2016.
The Aquino administration aims to leave a total of P5.15 trillion worth of investments when the President steps down in 2016.
To enhance its investment campaigns, the BoI, which is under the Department of Trade and Industry (DTI), has launched recently the Global Marketing and Intelligence System (GMIS), which will synchronize the trade and investment promotion activities of the DTI and other government agencies in a more efficient and effective structure. The BoI is the government’s premier investment generating agency.
On Friday, the DTI and other IPAs presented to President Aquino in Malacanang their investment leads for 2012-2013.
Trade and Industry undersecretary for trade and investments promotion Cristino L. Panlilio told reporters they have a good list of prospects for this year led by the investments agreements signed during Aquino’s visit to China. Panlilio expects $3 billion worth of Chinese investments would be pursued this year.
He noted the keen interest of China Trend from Hong Kong, which has proposed to develop a 10-hectare property within the Port Irene, which is part of the Cagayan Economic Zone, as an industrial estate that will house investments from Chinese manufacturers.
The Chinese firm has met with officials of the special economic zone.
In addition, Panlilio said they expect more Japanese investments this year.
“We are seeing more Japanese investors coming. They may be our biggest in 2012,” he said noting that he noticed a surge of Japanese investments in the first month of the year.
He reported that DTI would be very busy in the first four to five months of the year because of the number of inbound missions coming into the country.
“This week alone, we received two missions then the Keidanren is coming, then we are going to hold the Philippines-Japan Economic Council meeting,” he said. The first two Japanese investment missions this year were electronics from the greater Tokyo area and the other one is IT mission from Hiroshima.
“The Japanese are interested in business matching,” he added.
“We’ve also been receiving a lot of calls from Japanese companies that were affected by the Fukushima disaster, and also the Japanese companies located in Thailand because of the flooding problem,” he added.
The shortlist of Japanese companies with keen interest in investing here consists of companies that are operating in Fukushima and in Thailand with sister-company operations in the Philippines.
“These are the kind of investors that are easier to convince because they have already existing affiliations with Japanese companies in the county,” he added.