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DTI seeks P3.641-B 2015 budget

The Department of Trade and Industry (DTI) has proposed a total budget of P3.641 billion for 2015 majority of which or P3.177-billion have been allocated for the Office of the Secretary and P257.075 million for the Board of Investments (BOI).

Based on the DTI proposed budget, which was submitted to the Department of Budget and Management, the P3.177 billion budget for the Office of the Secretary will be for the use of the central office with P1.537 billion while the regional DTI offices get P1.640 billion.

The budget will also support total personnel of 1,626 positions.

For its P257.075 million proposed budget for 2015, the BOI, the government’s premier investment promotion agency plans to implement activities for industry development and investment policy services and investment promotion and facilitation services.

On industry development and investment policy services, the BOI plans to undertake 31 plans and policy updating. The agency has been updating industrial plans and policies for the past three years. The budget is also going to facilitate the processing of 3,500 incentive applications and endorse these to the Bureau of Internal Revenue.

On investment promotion and facilitation services, the BOI expects to provide investor assistance to 5,295 and conduction 296 promotional events.

The BOI even set a 10 percent growth in investments next year to P540.15 billion from the projected P491.05 billion investments inflow this year. These investments are projected to generate 46,000 jobs from this year’s projected 42,000 jobs.

The remainder of the budget goes to three other major agencies of DTI.

The Construction Industry Authority of the Philippines has a budget of P84.283 million. The Philippine Trade Training Center gets P47.237 million while the Design Center of the Philippines gets P75.185 million.

The DTI is the government’s primary line agency to coordinate, promote, facilitate and regulate the country’s trade, industry and investment activities.

It acts as catalyst for intensive private sector activity in order to accelerate and sustain economic growth through a comprehensive industrial growth strategy, progressive and socially responsible liberalization and deregulation program and policies designed for the expansion and diversification of trade both domestic and foreign. (Bernie Magkilat)