MANILA -- The Board of Investments (BOI) is optimistic about achieving a 10-percent growth in investment approvals in 2018, its managing head Ceferino Rodolfo said in a statement Monday.
Rodolfo, also a Trade Undersecretary, said BOI is on track to hit the PHP680-billion target in investment approvals this year. “We expect big-ticket projects to come in by the second half of the year. Foreign and domestic investors remain optimistic especially in view of the government’s Build, Build, Build and Manufacturing Resurgence Program,“ ne said.
In 2017, BOI recorded its highest investments approval for the past 50 years amounting to PHP617 billion. As earlier reported by Trade Secretary and BOI Chairman Ramon Lopez, registration of investment projects with the IPA in the first half of the year reached nearly 28 percent. BOI approvals amounted to PHP238.9 billion in H1 2018 from PHP188 billion in the same period last year.
Lopez told reporters that the Build Build Build Program of the Duterte administration has contributed to the increasing investment approvals in BOI, as public-private projects may be entitled to incentive packages. “This program will enhance the country’s investment environment and competitiveness as we build infrastructure in over the logistics costs, and of course it can create more employment for those workers that will be part of the Build Build Build Program,” Lopez said.
For June 2018 alone, the BOI registered the PHP25.7-billion infrastructure project of Citra Central Expressway Corp., which involves Skyway connection between Buendia Avenue and Balintawak-North Luzon Expressway. A PHP1.1-billion theme park of Newscapes Haven Development, Inc. in Nabas, Aklan was also registered for perks last month.
Other notable project registrations by the BOI in June include the PHP990-million renewable energy project of Hydrocor Corp. in Ifugao, the PHP710-million hospital project of Allegiant Regional Care Hospitals, Inc. in Cebu; and the PHP439-million mass housing project of PDB Properties, Inc. in Batangas.
Meanwhile, investment pledges from foreign sources surged by 165 percent in H1 2018 to PHP14.5 billion from PHP5.5 billion in H1 2017.Biggest sources of foreign investment pledges in the past six months were Indonesia with projects registered with the BOI amounting to PHP6.4 billion; Japan with PHP2.6 billion; China, PHP880 million; United States of America, PHP582 million; and Italy, PHP486 million. (PNA)
