China, Russia to back PHL FDI inflows - BOI

 Photo Credit: ABS-CBN News

Photo Credit: ABS-CBN News

The Board of Investments (BOI) reported yesterday that strengthened economic cooperation with China and Russia will support inflows of foreign direct investments (FDIs) in the Philippines. 

Last week, the Philippines and China revived its Joint Commission on Economic and Trade Cooperation (JCETC) after a five-year hiatus, resulting in commitments from China to fund infrastructure projects here and invest in various sectors like manufacturing, shipbuilding, green energy, aerospace, and agriculture, among others.

Likewise, the Philippines and Russia concluded in January a pre-inaugural meet for Joint Commission on Trade and Economic Cooperation (JCTEC) in Manila in preparation for President Rodrigo Duterte’s visit to Moscow this month, the BOI shared.

“There are good investment prospects from both new and traditional sources such as China, Japan, Russia, among others,” said Trade Undersecretary and BOI Managing Head Ceferino Rodolfo during the bilateral meeting. Rodolfo discussed with Russian Deputy Minister of Economic Development Alexander Tsybulskiy the possible cooperation between the two countries in areas of energy, infrastructure, science and technology, metallurgy, industry development, aerospace, tourism, electronics, information technology and business process management, agribusiness, agri-fishery, and iron and steel.

Rodolfo noted that the agency was bullish to hit Php 500 billion worth of investment approvals at end-2017, coinciding the 50th founding anniversary of BOI, with more FDIs from new and traditional investment sources.

Latest data from the Bangko Sentral ng Pilipinas showed that FDI in 2016 rose 40 percent to USD7.9 billion, exceeding the government’s target of USD6.7 billion.