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Philippines: BOI investment pledges rise 10% to P68 B in Q1
MANILA, Philippines – Investment pledges approved by the Board of Investments (BOI) climbed by 10 percent in the first quarter on the back of slew of a new construction and manufacturing projects in the country.
The value of the investment commitments reached P67.97 billion from January to March, up 10 percent from P61.94 billion in the same period last year.
BOI chairman Ramon Lopez said investors remain optimistic in their business operations as projects registered with the agency in the first quarter soared to 122 from 72 projects registered in the same period in 2016.
He said the 122 projects are expected to generate 36,115 new jobs once operational.
“These positive developments clearly indicates the continuously growing investor confidence in the country’s sound economic policies, macroeconomic fundamentals and attractive business environment,” Lopez said.
“What further makes the Philippines attractive are plans of the administration to ramp up infrastructure spending that is seen to increase economic activities, the country’s demographic dividend and high-skilled, fast-learner workforce, and the strategic location of the country, which can serve as a gateway to the rest of the global market,” he added.
Bulk of the investment pledges for the first three months came from real estate (housing and construction) projects with a combined investment amount of P44.36 billion, and manufacturing projects with P15.43 billion.
Energy and power projects, meanwhile, amounted to P4.5 billion, while value of transportation and storage projects stood at P2.25 billion.
In terms of geographic distribution, Region 4A cornered the largest amount of investment projects with P29.10 billion, followed by the National Capital Region with P26.51 billion.
“We are prioritizing the promotion of quality investment projects which is defined in terms of the number of jobs to be generated, its social relevance, and impact to the quality of life our countrymen, as in the case of mass housing,” Lopez said.
The BOI said investment projects approved in housing and construction would create around 24,367 in new jobs, while the agriculture and manufacturing-related projects would create some 6,884 and 3,038 new jobs, respectively.
For this year, the BOI is bullish in attaining its P500 billion target investment pledges, a 13.7 percent jump from P441 billion in 2016.
Source: http://www.philstar.com/business/2017/04/11/1689570/boi-investment-pledges-rise-10-p68-b-q1