Investments in PH up by 38% from Jan-Aug
THE Philippine Board of Investments (BOI) reported that investment projects registered with the agency reached P325.8 billion in the first eight months of the year, up by 38.4 percent (%) from P235.4 billion in the same period last year.
Trade Secretary and BOI Chairman Ramon Lopez said the investment figure could exceed the target with investors exploring opportunities in energy, infrastructure and agribusiness.
“Investors are banking on the construction boom as a result of the “Build, Build, Build” infrastructure program of the government, and to sustain this, they are also looking at the energy requirements to get this done,” he added.
Lopez pointed out that among the biggest projects approved for August alone were the P14.6 billion wind energy project of Currimao Solar Energy Corp. in Rizal; the P12.5 billion cement production of South Western Cement Corp. in Cebu; and the P777 million biomass energy plant of VS Gripal Power Corp. in Nueva Ecija.
The P763.2 million low-cost housing project of 8990 Housing Development Corp. in Davao City and the P623.5 million e-commerce project of Global Fashion Group rounded out the five biggest projects.
Aggregate employment generation for the January to August investment figure reached 62,803, up by 48.8% from 42,214 in the same period last year. Approved projects reached 299, up by 30% from 230 in 2016.
Trade Undersecretary and BOI Managing Head Ceferino Rodolfo said, “We already achieved 65 percent of our intended target for our 50th Anniversary this year. We still have a month to go before
the end of the 3rd quarter and we have already two-thirds of the target figure. I am confident we can easily top P500 billion, if not surpass them given the influx of interested investors to put their money where the action is.”
Rodolfo said construction and PPP projects registered already reached P127.7 billion during the January to August period, which is a 300% surge from the same period in 2016.
The Real Estate sector remained robust with P72.8 billion, up by 113% from P34.1 billion last year. Investments in manufacturing continued on an upward trend with P36 billion in project approvals, up by P20.7 billion in 2016 or a 74% hike. Likewise, investments in agriculture increased by 47.4% to P2.5 billion in 2017 from P1.7 billion in 2016.