Private investments in the Philippines soar
Asia's 'rising economic tiger' posted another increase in local and foreign investments as four major placement agencies approved businesses today. According to the report, the amount of investments in the Philippines' first semester increased by almost 40%.
Analysts believed that more investors are taking notice of the Philippines and the vastly improving business climate.
The four investment agencies responsible for approving foreign direct investments (FDI) in the country were the Board of Investments (BOI), Subic Bay Metropolitan Authority (SBMA), Philippine Economic Zone Authority (PEZA), and Clark Development Corporation (CDC).
According to the country's Department of Trade and Industry, the entirety of investments across all four agencies amounted to PHP300.91 billion. This was an increase from last year's first semester FDI worth of PHP216.2 billion.
The country's trade and industry Undersecretary Adrian Cristobal , Jr., said that "investor confidence is high." He said that almost 360 companies have made placements in the company, equal to 71% of the country's target for 2013. "This means we are way ahead," he explained.
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