The Philippine Board of Investments (BOI) has proven once again its service excellence in promoting and driving strategic and socially-relevant investments in the country as the agency was recently conferred as Second Best Investment Promotion Agency (IPA) among countries of the Southeast Asia and Oceana (SEAO) region in the 2017 Annual Investment Meeting (AIM) Awards held in Dubai.
Next to India’s Invest India, the Philippine BOI bested the IPAs of other eight country participants in the region. The investment projects were evaluated using the following criteria: size of investment, type and form of investment, scale of job creation, innovation and technology transfer, exports, import substitution, local linkages sustainable development, eco friendly, and impact on country competitiveness and FDI attraction.
The 2017 AIM Awards is a world-leading, platform for foreign direct investments FDIs. Now on its seventh edition, the awards given to IPAs are a component of the AIM conference and exhibition which brought together some of the world’s top investors, experts, and practitioners under one roof to discuss how the landscape has changed over the course of the year and what new forms of investment are available. The AIM also focused on new policies that are currently being implemented and looked at the current and future best practices in the industry.
The investment project submitted by the Philippine BOI—AES Philippines Energy Storage Co. Ltd (APESCL) received the second highest number of votes during the evaluation process, making it the second winner as Best Investment Project in 2016.
AES Philippine Energy Storage Co. Ltd. is a battery-based energy storage system located in Kabankalan City, Negros Occidental. The PHP3Billion project aims to contribute in the stability of reliable energy supply in the Visayas grid. The project is also seen as a way to efficiently balance supply from Solar Generation and discharge them when there is lower supply in the grid.
Trade Undersecretary and BOI Managing Head Ceferino Rodolfo welcomed the recognition saying the award “will serve as an inspiration to the men and women of the agency to always strive for professionalism and service excellence in building stronger industries and promoting strategic investments, providing more jobs for Filipinos.”
|Photo shows Philippine Trade & Investment Center Commercial Attache and Director Eric Elnar (middle) receiving the award on behalf of the Philippine BOI. Conferring the award to CA Eric was Dr. Mukhisa Kituyi (right), Secretary General of the United Nations Conference on Trade and Development (UNCTAD) (right). Joining them was Mr. Dawood Al Shezawi (left), Chief Executive Officer of AIM’s organizing committee.|
“FDIs play a huge role in supporting growth across all parts of the world and is a significant contributor to net job creation. As such, it is time that we celebrate the achievements of these companies who attract sizeable and beneficial FDIs that contribute to the economic growth and development of world markets,” said Dawood Al Shezawi, Chief Executive Officer of AIM’s Organizing Committee in its press statement.
The Bangko Sental ng Pilipinas recently reported that net inflow of FDIs for 2016 reached US$7.93 billion, a 40.7 percent increase from the US$5.64 billion recorded for 2015. The figure surpassed by 18.4 percent the US$6.7 billion mark earlier projected by the BSP.
Focusing on FDIs registered IPAs, the BOI, the country’s lead investment promotion agency, contributed 22.5 percent or US$1.78 billion (PhP89.3 billion) of the total FDIs recorded in 2016. BOI’s foreign investment projects in 2016 is 50 percent higher than the PhP59.5 billion in recorded in 2015.
Trade Secretary and BOI Chairman Ramon Lopez said the foreign investment level in the second semester of last year was almost double than that of the first semester, clearly indicating the growing foreign investors’ confidence in the country’s sound economic policies, and attractive business environment.
“What further makes the Philippines attractive are plans of the Duterte administration to ramp up infrastructure spending that is seen to increase economic activities, the country’s demographic dividend and high-skilled, fast-leaner workforce, and the strategic location of the country, which can serve as a gateway to the rest of the Asean market,” Secretary Lopez said.
The winners for rest of the other regions include Kenya; Kenya Investment Authority-KenInvest from East Africa; Republic of Mauritius, Board of Investment Mauritius from Southern Africa; Islamic Republic of Afghanistan, Ministry of Commerce & Industries (The Alokozay Group of Companies (AGC) from Central Asia; Republic of India (BRS Venture Holdings & Limited), Invest India from South, East Asia and Oceania; Slovak Republic, SARIO (Slovak Investment and Trade Development Agency); (Jaguar Land Rover) from Central, Eastern Europe and Turkey and Kingdom of Belgium, Flanders Investment & Trade (Sanofi) from Europe.
The other winners for Best Investment Project include the Moroccan Investment Development Agency (Groupe PSA), Kingdom of Morocco, was the winner for the best investment project in 2016 for the Middle East and North Africa region; Argentine Republic, Agencia Argentina de Inversiones y Comercio Internacional (RENOVA) for the Latin America & the Caribbean region, and Republic of Ghana, Ghana Investment Promotion Centre, from the West and Central Africa.