BOI readies new investment promotion strategy
The Department of Trade and Industry’s (DTI) lead investment promotion agency plans to complete a new foreign investment promotion and marketing plan this month as part of the government’s broader plan to attract more foreign capital.
Lanie Dormiendo, the head of the Board of Investments’ (BOI) international investments promotion service, told reporters “there will be identified sectors for promotion not just by the BOI but all (investment promotion agencies).”
Last month, the BOI announced that it was working on this and that it was gathering feedback from stakeholders.
The DTI, the BOI’s supervising agency, said that the FPIMP is essential to maintain and enhance the country’s competitiveness.
The draft plan noted that the Philippines faces stiff competition from neighboring Southeast Asian countries — such as Vietnam, Indonesia and Thailand — which are aggressively courting foreign investors.
“A well-crafted marketing plan can help highlight the Philippines’ unique advantages, such as its strong English proficiency, a robust business process outsourcing industry, and preferential trade agreements while addressing any perceived barriers like infrastructure challenges and regulatory uncertainties,” it said.
The DTI’s two main investment promotion agencies, the BOI and the Philippine Economic Zone Authority (PEZA), saw their approved investments reach record high in 2024.
BOI approvals reached P1.62 trillion in value in 2024, while the PEZA saw its own rise to a seven-year high of P214.176 billion.
