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Thursday, March 28, 2024

Investment pledges in 4 months up 37% to P160.5b – BoI

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Investment pledges in the first four months of 2017 rose 37 percent to P160.5 billion from P117.26 billion year-on-year, with the number of projects approved during the year nearly double from a year ago, the Board of Investments said Tuesday.

“There are more projects this period compared to last year—196 projects from January to April, about 94 percent higher compared to the previous year. Of the total projects, the Cavite Laguna Expressway drove investments upward. It was the single biggest investment for the period,” he said.

April saw investments reaching P92.5 billion from 74 projects.

Employment is also expected to increase 181 percent to 46,018 workers from 15,366 in January to April 2016.

The board identified infrastructure, power, manufacturing and real estate as growth drivers during the period.

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Real estate projects increased 231 percent to P65 billion from P19.6 billion a year ago. Projected employment by the sector jumped 202 percent to 33,458 workers from 11,048 on year.

The construction sector had the second highest value of investments worth P48.5 billion, up 52 percent from P31.9 billion.

Electricity, gas, steam and air conditioning supply followed with P20.8 billion; manufacturing with P20.8 billion; transportation and storage, P2.2 billion; water supply, sewerage, waste management, P870 million; and agriculture, forestry and fishing, P458 million.

The arts, entertainment and recreation pledged P267 million worth of investments; human health and social work activities, P210 million; accommodation and food service activities, P91.5  million; and compulsory social security, P56.41 million.

Chemicals and chemical products topped the investment pledges in the manufacturing sector with P13.57 billion, followed by processed food, basic metals and rubber and plastic products at P1.44 billion, P323.3 million and P81.46 million, respectively.

Foreign investment commitments totaled P18.72 billion, compared with P22.5 billion for local investments.

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