Influx of investments posted by BOI sign of business optimism in PH » Manila Bulletin News



By Genalyn D. Kabiling

More jobs and business opportunities are expected as investors remained bullish about the local economy, Malacañang said Tuesday.

Presidential Spokesperson Ernesto Abella
(Credits: ALBERT ALCAIN/ Presidential Photo / MANILA BULLETIN)

Presidential spokesman Ernesto Abella highlighted the influx of investments recorded by the Board of Investments (BOI) as a sign of business optimism in the country.

“Business optimism, contrary to the report of the Economic Intelligence Unit (EIU), continues to be high as the Philippines remains one of Asia’s fastest growing economies,” Abella said during a Palace news conference.

“Investments registered with the Board of Investments posted 40 percent growth for January to July of 2017, reflecting the continued confidence on the socio-economic reforms under President Dutere’s administration. This will certainly redound to more jobs, business opportunities, and more money in the pocket for more people,” he added.

Abella also affirmed the government is “on track” in its goal of sustain growth momentum after the economy grew 6.5 percent in the second quarter of the year.

He said economic growth has been propelled by stronger industry and manufacturing sectors that grew 7.3 percent and 7.9 percent, respectively. He said these figures manifested “a stronger economic backbone that will create more decent jobs in the years to come.”

He said the agriculture sector also posted a turnaround of over 6 percent from negative figures of last year. Service sector continued to grow over 6 percent while exports registered 14-percent growth for January to June 2017.

Abella’s remarks came even after the Bangko Sentral ng Pilipinas (BSP) reported business confidence index fell to 37.9 percent in the third quarter of the year.  The poor business outlook was reportedly due to the rainy season, the conflict in Marawi City, and the depreciation of the peso.

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