News: BOI expects exports to reach $50 Billion this year -
16 Aug 2010
The Philippines is expected to match this year the all time high export figures of $50 billion recorded in 2007 because of robust growth in almost all sectors, the Board of Investments (BOI) said.
In an interview, BOI managing head Cristino L. Panlilio said that for the first five months exports have already reached $19 billion. “We can even surpass the all time high figures,” Panlilio said.
In a separate report, data from the Philippine Economic Zone Authority (PEZA) showed that exports from PEZA registered firms alone reached $20 billion for the first six months. This figure is 40 percent higher than the $14.5 billion recorded during the same period a year ago.
Employment figures for PEZA firms, on the other hand, ballooned to almost 700,000 for the first half. This is higher than the 575,000 recorded during the first half of 2009.
Investments have likewise grown. Panlilio said that they expect the strong first half performance to continue during the last part of the year. “The appetite is very strong,” Panlilio said. He said they expect investments to come from the same sectors.
July investments have been pretty active. The big component has been the utilities like electricity and water.
The BOI has already exceeded its full year target of P135.76 billion after it recorded P170 billion worth of approvals for the first half of the year.
Investment approvals jumped by 318 percent to P170 billion for the first half of the year as firms continue to pour in more investments into the energy sector, BOI said.
The January to June figure was 318 percent better than the P40.63 billion recorded during the same period a year ago.
Because they have already overshot their full year target,BOI earlier said they will have to set another investment target for BOI because they are already 37 percent above the full year 2009 investment after only six months.
For June alone, investments jumped 22,885 percent to P126 billion from a measly P549 million in June 2009.
Source: Philippine Star, www.philstar.com