PHL to keep P1.3-T investment target despite limitations

Despite a ban on mining in eco-tourism sites and the delisting of the energy sector from the Investment Priorities Plan, the investment target of P1.3 billion by 2016 remains achievable, the Board of Investments said Monday.

 

The board and its lead agency, the Department of Trade and Industry, see no need to lower the investment target.

 

"But we still believe that we could triple the 2010 investment figure of P302 billion to P1.3 trillion in 2016," Trade Undersecretary and BOI managing director Adrian Cristobal told reporters in an interview.

 

“And if ever we reduce our forecast, it is not because of the mining policies, but because of limitations on some industries," he added.

 

Government intends to keep mining projects off in 78 ecotourism sites in the country. The ban would be part of an executive order on the mining sector, the draft of which is being made final by Malacañang. 

 

Under the 2012 Investments Priorities Plan, mining activities are eligible for tax and other incentives, while incentives for the energy sector are limited to projects in Mindanao and other remote areas.

 

In the case of the energy sector, the BOI said it was delisted from the IPP because—despite the incentives it received in the past years—it did not redound to lower electricity rates in the country.

 

Trade Undersecretary Cristino Panlilio earlier said the BOI was looking at investments in tourism, shipbuilding, mass housing, mining and agriculture to replace the energy sector under the 2012 IPP.

 

While the board expected P400 billion worth of investments this year, it must now “work hard because of these latest developments,” Panlilio added. —VS, GMA News