BOI sees record high investments this year

The Board of Investments (BOI) expects investments approved by the agency to hit a record high this year with four projects estimated to be worth more than P270 billion seeking registration in the pipeline.

Trade Secretary and BOI chairman Ramon Lopez said the agency, which set a new record for approved investments last year, is poised to achieve another banner year this year.

“Last year, we did P617 billion in investment, the record for 50 years. And this year, I won’t give you the number, but we’ll definitely beat the P617 billion investment by a wide margin before the end of the year. This will be another record-breaking year in the 51-year history of BOI,” he said. He said the approval of the planned integrated steel complex in Mindanao of

China’s second largest steel maker HBIS Group Co. Ltd. would enable the BOI to hit another record-breaking investment level this year.

Last Friday, HBIS Group chairman Yu Yong signed a memorandum of understanding with Huili Investment Fund Co. Ltd. chairman Meng Xiaosu, Steel Asia Manufacturing Corp. chairman and chief executive officer Bejamin Yao, Defense Secretary Delfin Lorenzana, and BOI managing head Ceferino Rodolfo for the implementation of the project to be located on a 305-hectare land inside the PHIVIDEC Industrial Estate in Mindanao.

Phase 1 of the project, which will involve pouring in $3 billion (around P150 billion) worth of investment, will cover the production of 4.5 million tons of hot rolled coils and 600,000 tons of slabs, while phase 2 will entail raising the steel manufacturing capacity to reach eight million metric tons.

Apart from HBIS Group’s project, Rodolfo said three other projects are seeking registration with the BOI this year.

In particular, he said an infrastructure project with an investment amounting to P50 billion, a project of a cement firm with an investment of P12 billion to P14 billion, and a P60 billion mineral processing project are in the pipeline.

The BOI will hold its last board meeting for the year on Dec. 19.

Should the four projects, estimated to be valued at around P272 billion, be approved by the BOI, total approved investments by the agency may hit P790 billion this year.