MANILA, Philippines - The government has increased its
2010 investment and export growth targets to 20 percent after a
strong first quarter performance.

In an interview, Trade and Industry Secretary Jesli A. Lapus said
they have decided to revise their investment target to 20 percent from
only 10 percent after a dramatic 256 percent growth in the first quarter
of this year.

“I believe we will be able to grow both exports and investments by 20
percent by yearend,” Lapus told reporters. “We see the growth trend
continuing.”

Lapus said that the threat of disaster will always be there but the
government is confident that investments
will continue to pour into the country.

Investment approvals for the first quarter soared by 255.87 percent
to P63.95 billion. Combined investment approvals of the two attached
agencies of the Department of Trade and Industry (DTI) went up to P63.95
billion for the first three months of 2010 from P17.97 billion during
the same period a year ago.

Philippine Economic Zone Authority (PEZA) Director General
Lillia B. De Lima said the agency approved P28.85 billion worth of
investments from January to March this year compared to the P13.67
billion a year ago. De Lima said this represents a 111-percent jump in
investment commitments.

Likewise, the Board of Investments (BOI) recorded a 717 percent
increase in first quarter investment commitments to P35.1 billion from
only P4.3 billion last year. BOI said that a total of 36 projects have
been approved and generated 5,882 jobs. 

The top performing sectors for the period were manufacturing; real
estate, renting and business activities; electricity, gas and water
supply; transport, storage and communications.

Investor confidence remained high with foreign investment inflows
continuing to reflect positive outlook to the country. Japan continued
to be the country’s top trading partner together with the Netherlands as
investors
from these countries contributed the most investments in the first
quarter of 2010. - By Ma. Elisa P. Osorio, The Philippine Star (www.philstar.com), 21 June 2010