Investment pledges rise 31% led by infra — BoI
INVESTMENT pledges in the year to date hit P153.97 billion as of April 25, exceeding by 31% the P117.26 billion logged in the first four months of 2016, the Board of Investments (BoI) said on Tuesday.
“We are tracking an increase of at least 31%,” said Trade Undersecretary Ceferino S. Rodolfo, in a news conference on Tuesday to launch an initiative to recognize noteworthy investors in the Philippines.
He said two more projects are expected to be added before the month ends, both in the transportation sector, amounting to a combined pledge of P6.5 billion. He said one project will come in at P6 billion and the other at P518 million.
Mr. Rodolfo, who is also BoI managing head, said the investment projects will create 46,018 jobs, or nearly three times more than the 16,366 jobs generated a year earlier.
“Number of projects reached 194 compared to 101 over the same period last year or a 92% increase,” he added.
In April, investment pledges reached P9.9 billion, up over 180% from a year earlier.
“With sustained investor confidence in the country’s macroeconomic fundamentals and the early approval of the 2017 Investments Priorities Plan (IPP), we expect a more robust, if not an unprecedented growth in investments this year. We are eyeing a P500- billion investment mark by the end of 2017 or P500 billion for BOI@50,” he said, referring to the agency’s anniversary slogan.
“April would be the main driver,” he said, adding that the month saw pledges on big infrastructure projects.
He said this was consistent with the trend for the January to April period, which he said was largely driven by projects in infrastructure and power.
Mr. Rodolfo disclosed preliminary figures for the first four months during the agency’s call for nominations for the BoI Guinogulan Awards.
“As the country’s lead investments promotion agency, we will be recognizing businesses and firms that show excellence and significant contribution to the country’s economic growth through capital infusion, employment generation, introduction of new technologies and innovation, implementation of community relations, economic linkages, and adoption of inclusive business models in their operations,” the BoI said.
It added that the awards “further highlight the competitive advantages of doing business in the Philippines with the awardees as living proofs and testimonies to the viability and profitability of doing business in the country. It is also a platform to inform the success stories of registered micro, small and medium enterprises (MSMEs) who are able to thrive and even expand, and have successfully integrated their operations in global value chains.” —