CV is 4th top investment destination in Phl in 2017
Central Visayas is the fourth top investment destination in the country for 2017, according to the Board of Investments.
Data from BOI showed a record of P27.1 billion total BOI-approved investments in the region with 88.6 percent of the investment pledges located in Cebu.
While the value of investments slightly dropped 5.42 percent from the previous year, the total number of projects significantly increased to 31 from 20 projects in 2016.
The largest share of approved investments is in the manufacturing sector, which accounted for P12.99 billion share to total approved investments.
The bulk of the investments was mainly attributed to the approval of P12.5 billion project of South Western Cement Corp, a cement producer located in Malabuyoc, Cebu.
Real estate activities in the region remain upbeat with 16 upcoming economic housing projects located in Cebu, Bohol and Negros Oriental.
Other approved investments include five renewable energy projects (P6.1 billion), transportation and storage projects (P2.27 billion), wholesale/retail trade (P658 million) and accommodation and food services projects (P455 million).
Employment generated from the committed investments is recorded at 5,331, an increase of 117 percent from 2,459 recorded last year.
In a phone interview yesterday, Ellorence Cruz, BOI-Cebu head, said the BOI seeks to register more projects this year including tourism, manufacturing and agricultural projects.
"We want diverse industries to be registered for Region 7," she said.
Cruz also noted the agency still expects mass housing to lead the registered projects this year.
"With the growing population, there's also a growing need for housing," she said.
Region 4 (CALABARZON) leads the top regional investment destination with P341.49 billion registered projects followed by Region 3 (Central Luzon) with P117.51 billion, NCR (P37.1 billion) and CAR (P19.31 billion) at fifth place.
BOI recently reported the highest record for investments approvals in history at P625.5 billion for 2017. The agency posted 39.5 percent significant growth in investments from the previous year.
This continued growth validates the investor’s confidence of the business environment in the country.
The BOI, an attached agency of the Department of Trade and Industry, is the lead investment promotion agency mandated to facilitate foreign and local investments by providing fiscal and non-fiscal incentives such as tax holidays, duty-free importation of capital equipment, and employment of foreign nationals, among others.
In 2016 the value of BOIregistered projects in Central Visayas was pegged at P29.5 billion, buoyed by GMRMegawide Cebu Airport Corp's P16.75-billion facility improvements at MactanCebu International Airport.
Based on BOI's 20172022 Investment Priorities Plan (IPP), preferred investment areas include manufacturing including agri-processing; agriculture, fishery and forestry; strategic services; infrastructure and logistics including local government unit publicprivate partnerships; health care services including drug rehabilitation; mass housing; inclusive business models; environment and climate change; innovation drivers; and energy.
Also deemed priorities are: export businesses including services, activities in support of exporters, and production and manufacture of export products; activities based on special laws that grant incentives like Republic Act (RA) No. 7942 or the Philippine Mining Act of 1995, RA 9513 or the Renewable Energy Act of 2008 and RA 9593 or the Tourism Act of 2009, among others; and the Autonomous Region in Muslim Mindanao.