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BOI OKs P291-B investments in Jan-May, up 40%

MANILA -- Total approved investments recorded by the Board of Investments (BOI) from January to May reached PHP290.6 billion, a 40.1 percent increase from PHP207.5 billion in the same period last year.

Approved investments from foreign sources continued with its upward trend at PHP67 billion from PHP6.9 billion in January to May 2018.

Meanwhile, domestic investments maintained its steady growth to PHP223.5 billion from PHP200.5 billion.

Singapore remains the Philippines’ biggest foreign investor to date with PHP35.4 billion. The Netherlands is second with PHP9.1 billion, with Thailand (PHP8.5 billion), Japan (PHP5.5 billion), and the United States (PHP2.4 billion) completing the five biggest foreign investors for the period.

“With the Philippine economy up four notches to 46th in the latest World Competitive Yearbook rankings, the vote of confidence of the administration affirmed in the May mid-term elections with the resounding victory of most of its candidates and allies, is seen to sustain investor confidence for the Philippines,” Trade Secretary and BOI Chairman Ramon M. Lopez said in a statement released on Tuesday.

He added that the recent visit of President Rodrigo Duterte to Japan will provide added boost to the investment climate as he was able to attract nearly PHP300 billion in investment deals, business expansion and letter of intents for Japanese firms to channel more capital into the country, which are expected to create more than 80,000 additional jobs for Filipinos.

Power projects through May make up the biggest chunk of the aggregate investment figure with PHP185.4 billion, up 74 percent from PHP106.5 billion through in May last year.

Manufacturing continues its resurgence with PHP44.6-billion worth of commitments, up 130.5 percent from PHP19.4 billion last year.

The information and communication sector went up exponentially by 9,669 percent to PHP33.2 billion, from just PHP340 million in 2018. The tourism accommodation facilities rocketed to PHP8.4 billion, up 733 percent from PHP1 billion last year.

“Power projects are essential as it fuels the ‘Build, Build, Build’ program of the government and the demands of a growing population. There are big power projects that will complement the infrastructure projects in the coming months even as we exercise due diligence for projects that are deserving of incentives. At the end of the day, we have to ensure our power supply will accommodate the strong demand, not only of our massive infrastructure projects and population but also the rapid expansion of our industries, led by the manufacturing sector,” Trade Undersecretary and BOI Managing Head Ceferino Rodolfo said.

He added that for the month of May, several manufacturing and service facilities got the nod of the board. Among these are the PHP700-million shipping project of Southwest Gallant Ferries, Inc., which will service the Batangas, Romblon and Roxas City routes; the PHP400-million Cavendish banana facility of Tren2 Agri-Industries in Agusan del Sur, which will be exported once operational; and eight low-cost housing projects worth PHP2 billion, spread across the regions of Calabarzon and Central Luzon.

Region 4-A (Calabarzon) remains the top investment destination with PHP200.9 billion, followed by Region 3 (Central Luzon), with PHP27.1 billion; and the National Capital Region (NCR) with PHP7.9 billion. Completing the top five are Region 7 (Central Visayas) with PHP5.7 billion; and Region 2 (Cagayan Valley) with PHP4.4 billion.

“We will continue to spread economic development in the regions as records show barely 3 percent of investments are located in the NCR with the rest (97 percent) going to the countryside,” Rodolfo said. (PR)

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