BOI okays P28.5B projects in November, up 97%
Among big-ticket projects are JG Summit’s two projects involving the manufacture of petrochemical derivatives worth P7.2 billion, other renewable energy initiatives
MANILA--The Board of Investments (BOI) has approved P28.5 billion worth of investment pledges this month, increasing by 97.3 percent from P14.4 billion in investment approvals recorded in November 2015.
During the Manufacturing Summit 2016 press conference on Tuesday, Trade Secretary and BOI Chairman Ramon Lopez said a big chunk of the investment approvals came from projects in the manufacturing and energy sectors.
Lopez mentioned that Gokongwei’s JG Summit registered two pioneer projects worth P7.2 billion that involve manufacturing new petrochemical derivatives.
BOI managing head Ceferino Rodolfo added that renewable energy projects have contributed to the investment approval growth this month, through hydroelectric power projects in Ifugao and Lanao del Norte, as well as solar energy projects in Tarlac and Batangas.
Job generation
According to Lopez, investments registered in November will generate some 4,000 jobs once they go on full operation.
This is higher than November 2015’s employment figure of about 1,000.
Moreover, BOI investment approvals in the January to November 2016 period rose to P324.5 billion, up by 35.5 percent from P239.5 billion in the same period last year.
A total of 323 projects were approved that will create 55,813 new jobs.
Lopez is also hopeful about continuing the high growth of investment approvals next year, following government reforms that aim to enhance the business environment.
“Hopefully much more (investments) with infrastructure spending. They are doing a lot when it comes to ease of doing business, power, consumer, free trade agreements we are entering into. It encourages more investments,” Lopez told reporters.
During the start of the year, under the previous administration, the investment promotion agency eyed a fivepercent growth of investment approvals by 2016 from the 2015 figure of P367 billion worth of commitments.
In August, Lopez hiked the projection to 10 percent, noting the high level of confidence among investors in the current administration.
“They can locate here to position themselves for ASEAN and FTAAP (Free Trade Agreement of the Asia Pacific) partners. That’s a bigger market, half of the world’s population,” he said.