BOI expects to approve 44 projects worth P52B
THE Board of Investments (BOI) expects an upsurge in registered investments in the coming months, with 44 more projects worth P52.03 billion soon to be approved.
“The continued growth of investment is a testament to the country’s sound economic fundamentals and sustained investor confidence,” said Trade Undersecretary and BOI Managing Head Ceferino Rodolfo on Thursday.
“What we are seeing in the real sector that relies on fundamentals of the economy, the fundamental strengths of the economy, is that growth is being sustained or even accelerated,” Rodolfo said.
Evaluated and check listed by the BOI’s Industry Development Services, the projects for registration are in energy (P29.57 billion or 57 percent of total investment), manufacturing (P7.77 billion or 15 percent), agriculture (P6.58 billion or 12 percent), real estate (P6.37 billion or 12 percent), logistics or water transport (P1.07 billion or 2 percent), and other sectors (P665.30 million or 1 percent).
Trade Secretary and BOI Chairman Ramon Lopez said this development augurs well with the administration’s socioeconomic agenda of uplifting the lives of the Filipino people.
“More investments mean more jobs, ensuring economic development from the bottom of the pyramid,” he said.
Last month, the BOI reported that registered investment reached P51.03 billion in September 2016, up 193 percent from P17.41 billion a year earlier.
“The mass transport project for example, will be a big help to the commuting public while the renewable energy projects will improve and sustain the quality of life of the people,” he said.
Year-on-year basis, BOI-approved investment grew by 49 percent in the first nine months of the year at P286.44 billion from P192.39 billion in the same period last year. The investment pledges were generated from 255 projects with an estimated job generation of 46,716.
The largest share of approved investments in January to September 2016 is in the power sector which accounted for 48 percent of the total approved during the period.
The other sectors with major investments approved were construction (P62.27 billion or 22 percent), real estate including mass housing (P36.68 billion or 13-percent), manufacturing (P21.02 billion or 7 percent share), and transportation and storage (P14.31 billion or 5 percent).
Topping the list of foreign country investors in the first nine months is Singapore with investments worth P12.90 billion or 26-percent of total approved foreign investments. Netherlands came in second at P8.00 billion or 16 percent, followed by Japan at P6.83 billion or 14 percent), South Korea at P6.42 billion (13 percent), and United Kingdom at P2.34 billion (5 percent). The balance was accounted for by British Virgin Islands, Germany, US, India, China, Canada and Taiwan.
While the National Capital Region topped the list investment worth P74.13 billion or 26-percent of the total, other regions also received substantial placements, particularly Region 3 with P45.16 billion or 16 percent of the total.
Significant investments were also placed in Region IVA (P32.95 billion or 11-percent), Region VII (P20.78 billion or 7 percent), and Negros Island Region (P19.26 billion or 7 percent).