MANILA, Philippines - The Board of Investments said total approved foreign investments in 2013 increased by more than half compared to 2012.
In a statement, BOI said total approved foreign investments surged 63% to P120.6 billion in 2013 from P74.1 billion the previous year.
Trade Undersecetary Ponciano Manalo Jr. expressed confidence there will be continued growth in foreign investments in the country.
"We are confident that we can sustain and even surpass last year's performance in attracting foreign investments in the country," he said.
With strong investor confidence in the country, Manalo said the DTI and BOI will be boosting its investment promotion activities this year.
From January to February 2014, the DTI and BOI already recorded 101 visiting companies and organizations. These inbound missions came from France, Spain, India, United Kingdom, Saudi Arabia, Denmark, Thailand, Finland, Taiwan, China, USA, Sweden, Singapore, Korea, Austria, and Japan.
Last year, the BOI had 668 visiting companies and organizations, 31% higher than the 509 visiting groups in 2012. Inbound missions in 2013 stood at 210, 2% higher than in 2012.
"From the inbound business missions last year and early this year, we expect to record more realized investment projects in the country," Manalo said.
This year, Manalo said they will target sectors such as health business process management, integrated circuit design, aerospace, IT-BPM, shipbuilding, manufacturing, agribusiness, and tourism infrastructure.
"We are also expecting jobs to grow, particularly in the country's priority sectors for promotion," he said.