Investment in Philippines up

Mon, 18 Oct 1999 | Source: DPA

MANILA (DPA): Investment pledges for the Philippines amounted to 103.19 billion pesos (US$2.6 billion) for the first nine months of 1999, an indication of investors' confidence in the country, according to a government statement released Saturday.

Foreign investment pledges accounted for 19.5 billion (US$488 million), according to the Board of Investments (BOI).

More than one half of the total approved investments was committed for the manufacturing sector, it said.

The nine-month figure represents only 51 percent of the target 200 billion pesos ($5 billion) but the BOI said the government expects big-budget investment commitments during the last quarter of the year.

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