Investment commitments surged 97 percent in November to P28.5 billion from P14.4 billion a year ago, on the back of major infrastructure and power projects, the Board of Investments said Tuesday.
The figure brought total investments in the first 11 months to P324.5 billion, up 35.5 percent from P239.52 billion registered in the same period last year.
The BoI said the investment commitments were represented by 323 projects, which were expected to generate 55,813 new jobs.
Among the big-ticket investments were those committed by Light Rail Manila Corp. with P30.369 billion; Limay Premiere Power Corp., P23.299 billion; GMR Megawide Cebu Airport Corp., P16.750 billion; Energy Development Corp., P16.750 billion; Bayog Wind Power Corp., P14.728 billion; Cordillera Hydro Electric Power Corp., P12.175 billion; El Elyon Power Plant Philippines Inc., P11.641 billion; and Alternergy Sembrano Wind Corp., P8.526 billion.
“More investments mean more jobs, ensuring economic development from the bottom of the pyramid,” he said adding that the continued growth of the investments is a testament of the country’s sound economic fundamentals and sustained investor confidence,” said Trade Secretary and BOI chairman Ramon Lopez.
Trade undersecretary and BOI managing head Ceferino Rodolfo said the increase in power investment projects augured well for the country’s goal to ensure energy security and independence.
“These investments support the Philippine Energy Plan 2010-2030 to search for, discover, and further develop energy sources,” Rodolfo said.
The PEP indicated that at least P3 trillion in fresh investments were needed to attain the goal.
Rodolfo said transportation projects would greatly uplift the lives of the Filipino people. “The mass transport projects will be a big help for the commuting public. It will also improve and sustain the quality of life of the people,” he said.
The largest share of approved investments from January to November 2016 were in the power sector which accounted for P150.3 billion.
Other sectors that topped the list of investment approvals were construction projects worth P62.3 billion; real estate activities including the mass housing sub-sector with P48.9 billion; the manufacturing sector with P30.4 billion; and transportation and storage sector with P15.4 billion.
About 13,268 jobs were expected to be generated from the manufacturing sector investments.
“The continued growth of the manufacturing industry is a clear indication of the efforts to boost the growth and further development of the sector through the Manufacturing Resurgence Program,” Rodolfo said.
Singapore topped the list of foreign sources of investment with P13.3 billion. The Netherlands came in second with P10.7 billion, followed by Japan with P6.8 billion, South Korea with P6.4 billion and the United Kingdom with P2.3 billion.