Duterte approves 2020 Investment Priorities Plan

President Rodrigo Duterte has approved the 2020 Investment Priorities Plan as the Philippines aims to overcome the impact of the COVID-19 pandemic.

Duterte signed the plan on Wednesday, according to his Memorandum Order 50.

High on the government’s investment agenda are activities related to the fight against the pandemic including the production of medical supplies and provision of services such as but not limited to crematoriums, health waste treatment and disposal, laboratories, test facilities, hospitals and quarantine facilities.

The government also supports investments in agriculture, manufacturing activities, agriculture, fishery and forestry, mass housing, infrastructure and logistics, telecommunications, environment or climate change-related projects, and energy, among others.

For the Bangsamoro Autonomous Region in Muslim Mindanao, the priority investment areas for 2020 to 2022 include export activities, agriculture, agribusiness, aquaculture and fishery, basic industries, infrastructure and services, industrial service facilities, engineering industries, and tourism, among others.

Data released by the Philippine Statistics Authority (PSA) last week showed that the gross domestic product (GDP) contracted by 11.5% in the third quarter, which according to presidential spokesperson Harry Roque was an improvement from the record 16.9% contraction in the second quarter.

The government expects the economy to grow between 6.5% and 7.5% in 2021. —LDF, GMA News