BOI expects more mass housing projects in 2018
The Board of Investments in Cebu still expects to register more mass housing projects this year.
Ellorence Cruz, BOI-Cebu head, said the mass housing sector will continue to lead registered projects in 2018.
She said there is continued demand for housing amid the rise of population in Cebu and its neighboring islands.
"The mass housing sector is still growing. There's a growing need for housing," she said.
Last year, BOI-Cebu registered a total of 16 mass housing projects located in Cebu, Bohol and Negros Oriental.
The agency likewise would like to see a diverse lineup of industries to be registered this year, said Cruz.
She cited potential industries for Cebu and Central Visayas in general such as tourism, manufacturing, infrastructure and agricultural projects.
BOI data showed a record of P27.1 billion total BOI-approved investments in the region in 2017 with 88.6 percent of the investment pledges located in Cebu.
Central Visayas was the fourth top investment destination in the country for 2017, BOI said.
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 with the approval of P12.5 billion project of South Western Cement Corp, a cement producer located in Malabuyoc, Cebu.
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).
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.
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.
Based on BOI's 2017-2022 Investment Priorities Plan (IPP), preferred investment areas include manufacturing including agriprocessing; agriculture, fishery and forestry; strategic services; infrastructure and logistics including local government unit public-private partnerships; health care services including drug rehabilitation; mass housing; inclusive business models; environment and climate change; innovation drivers; and energy. —