BoI investments climb 38% to P325.8b
The Board of Investments is confident of hitting its P500-billion investment target this year, as projects registered with the agency reached P325.8 billion in the first eight months of the year, up 38 percent from P235.4 billion year-on-year.
Trade Secretary and BoI chairman Ramon Lopez said prospective investments could exceed the target with investors exploring opportunities in energy, infrastructure and agribusiness.
“Investors are banking on the construction boom as a result of the “Build, Build, Build” infrastructure program of the government, and to sustain this, they are also looking at the energy requirements to get this done,” he added.
Trade Undersecretary Ceferino Rodolfo said registered construction and public private partnership projects reached P127.7 billion in the eight-month period, up 300 percent from a year ago.
The real estate sector remained robust with committed investments of P72.8 billion, up 113 percent from P34.1 billion on year.
Investments in manufacturing sustained an upward trend with P36 billion in project approvals, up from P20.7 billion in 2016, while agriculture projects rose 47 percent to P2.5 billion from P1.7 billion.
Among the biggest projects approved for August were the P14.6-billion wind energy project of Currimao Solar Energy Corp. in Rizal, the P12.5-billion cement production of South Western Cement Corp. in Cebu, and the P777-million biomass energy plant of VS Gripal Power Corp. in Nueva Ecija.
The P763.2-million low-cost housing project of 8990 Housing Development Corp. in Davao City and the P623.5-million e-commerce project of Global Fashion Group rounded out the five biggest projects.
Aggregate employment generation for the January to August investment figure reached 62,803, up 48.8 percent from 42,214 in the same period last year.
Approved projects reached 299, up by 30 percent from 230 in 2016.