BOI: INVESTMENTS UP TO P454.8B IN JAN-SEPT

INVESTMENT pledges approved by the Board of Investments (BoI) grew by 19 percent to P454.8 billion in January to September this year from P381.2 billion in the same period last year, the Board of Investments (BoI) said yesterday.

The BOI in a statement said that, among others investments in the power-renewable energy sector reached P168 billion, up 49 percent from P112.8 billion.

Investments in the manufacturing sector also rose 185 percent to P103.8 billion from P36.5 billion in 2017.

The BOI said transportation and storage sector investments also grew by 568 percent from P15.3 billion to P102 billion.

Investments in human health and social work activities sector reached P3.4 billion from just P210 million last year as new hospitals emerged while other expanded due to demand in provinces.

“Investor confidence in the country remains high. The Philippines continues to attract more investments because the economy is strong enough to withstand challenges on both the domestic and international fronts,” Trade Secretary and BOI chairman Ramon Lopez said.

Trade Undersecretary and BOI managing head Ceferino Rodolfo said with the growth in investments during the period, the agency is on track to achieve the P680 billion investment target in 2018.

“As of September, we are already surpassing expectations with already twothirds of our year-end target and the rest of the year should be pretty exciting and challenging due to the deluge of big projects in the pipeline. We are just exercising due diligence to ensure that these projects comply with the necessary requirements,” Rodolfo said.