6-mo. investment pledges soar
Investment pledges approved by the Department of Trade and Industry-Board of Investments (DTI-BoI) accelerated 112 percent to P645.3 billion in the first half of the year, from P304.4 billion last year, driven by local investors.
The DTI-BoI on Monday said domestic investments soared 166 percent to P626.7 billion versus P235.6 billion last year as manufacturing starts to resume following strict lockdown restrictions to contain the coronavirus disease 2019 (COVID-19).
Comparatively, foreign investments dipped 73 percent to P18.6 billion from P68.9 billion from the same six-month stretch in 2019.
By sector, construction and infrastructure accounted for the bulk of the pledges at
P530.8 billion as of the period, followed by the transportation and storage sectors with
P86.7 billion, or a rise of 785 percent from last year’s mere P9.8 billion.
“It is important to highlight the strategic nature of the projects and their important contribution towards building a more modern Philippines,” DTI Secretary Ramon Lopez said.
“The project proponents have reaffirmed their commitment to the immediate implementation of these infrastructure, ICT and transport projects — towards completion in the medium-to long-term term. Prior to approval of the big-ticket projects, the BoI required them to provide written confirmation of their commitment,” he added.
Meanwhile, real estate investments climbed 16.5 percent to P9 billion. Approved projects in renewable energy/ power, manufacturing and tourism came in at P6.6 billion, P5.3 billion and P3.8 billion, respectively.
BoI managing head Ceferino Rodolfo said a total 96 projects were approved during the period that will generate 27,082 jobs once operational.
Among the recently-approved projects, according to the DTI-BoI, include San Miguel Aerocity Inc.’s P530.8 billion Bulacan airport project, Gigasol3 Inc.’s P2.4 billion 63-megawatt solar project in Central Luzon and Royal Cold Storage North Inc.’s P1.5 billion storage
facility in Laguna.