Investment approvals jumped 91 percent in January to P97.9 billion from P51.3 billion in the same month last year, the Board of Investments said Monday.
“We are definitely off to a positive start in 2019 and it augurs well for the rest of the year as we aim to cross the uncharted trillion-peso mark in investment approval for the whole year,” said Trade Secretary and BoI chairman Ramon Lopez.
“Given the strong and sustained confidence of domestic and international investors, we hope to make it a yearly record-breaking habit until 2022 and even beyond,” he said.
The approval of power development projects, especially renewables, led the growth in investments in January with P48.4 billion. The biggest energy investment is the 603-megawatt wind project of Rizal Wind Energy Corp.
The ICT industry received a major boost from Metroworks ICT Construction Inc. which is building P33.1-billion broadband infrastructure.
It also approved Solid Cement Corp.’s P12.5-billion project in Antipolo on the rising demand for cement amid the ongoing ‘Build, Build, Build’ infrastructure program of the government.
Another project is a new hospital worth P849 million being built by Allied Care Experts in Dumaguete City.
Meanwhile, foreign investments approved in January surged 31,903 percent to P10.6 billion from P33.1 million a year ago.
The Netherlands topped all foreign investors, mainly on its investment in the Solid Cement project. Japan ranked second with P202.1 million, while South Korea placed third with P102.4 million.
“We pick up where we left off as we continue to build and expand the manufacturing base on the back of a robust national industrial policy,” Trade Undersecretary and BoI managing head Ceferino Rodolfo said.
Rodolfo said the manufacturing industry sustained its momentum from last year’s late surge.
Data showed that with the addition of a new cement project and with the P12.5 billion in new projects in January, manufacturing investments soared 34,559 percent from a mere P37.3 million in the same period last year.
Rodolfo said total investments outside the National Capital Region accounted for almost 100 percent or P97.86 billion, further boosting the dispersal of investments.
Calabarzon topped all regions with P60.9 billion in investments, representing a 213-percent increase from P19.4 billion in January 2018.
Davao Region, Mimaropa and Cagayan Valley completed the top five with approved investments surpassing P500 million each.