MANILA -- The value of projects approved by the Philippine government's two investment promotion agencies (IPAs) increased by a substantial 53.2 percent in the first quarter of 2018 relative to the same period last year.
Combined investment approvals by the Board of Investments (BOI) and the Philippine Economic Zone Authority (PEZA) jumped to PHP182.83 billion in Q1 2018 from only PHP119.31 billion in Q1 2017.
These investments are expected to generate 31,007 jobs once projects are in full operation. About 57 percent of them or equivalent to PHP104.35 billion was invested in the sector of electricity, gas, steam and air conditioning supply.
Other economic activities where investment pledges were high include real estate with projects amounting to PHP27.24 billion; manufacturing, with PHP23.85 billion; water supply, sewerage, and waste management, with PHP13.87 billion; and transportation and storage, with PHP7.01 billion.
The bulk of the investment commitments at the BOI and PEZA were from Filipino companies, which valued at PHP169.08 billion.
The two major IPAs in the country continued to attract investments from foreign sources, amounting to PHP13.75 billion in Q1 2018. However, this was a 36.5-percent drop from PHP21.67 billion investment pledges from foreign entities in the same period last year.
Top foreign investors in the country were from Japan, the United Kingdom, the Netherlands, Singapore, United States, China, Taiwan, South Korea, Australia, and Germany. (PNA)
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