Investment pledges in the first seven months jumped 40 percent to P294.8 billion from P240.4 biĺlion recorded in the same period in 2016, the Board of Investments said Tuesday.
Trade Secretary and BoI chairman Ramon Lopez said the latest investment figure was a clear indication of the continued confidence of domestic and foreign investors in the country’s sound economic policies and attractive business environment.
“The country’s strong macroeconomic fundamentals and support for President Rodrigo Duterte’s 10-point socioeconomic agenda drove investor confidence to a higher level. Presidential visits and the agency’s investment missions abroad have increased the interest of investors, as they gained awareness of the Philippines, convinced of the country’s potential,” he said.
Committed investments in July alone reached P106.8 billion from 32 projects, a 347 percent surge from P23.9 billion in 30 projects in the same month last year.
“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, highly-skilled workforce, and the strategic location of the country, which can serve as a gateway to the rest of the Asean market,” Lopez said.
Employment generation from the seven-month projects were expected at 58,758, up 57 percent from 37,487 in the same period in 2016. The number of projects approved by BoI also went up 40 percent to 268 from 192 in 2016.
Lopez said July marked the first month of the 2017 Investment Priorities Plan implementation.
Among the investments approved this year are Mindanao-based projects such as the P3.5-billion hydropower project of Alson’s in Maasim, Saranggani; the P2.1-billion hydropower project of Repower Energy Development Corp. in Maramag, Bukidnon; and another P1.5-billion hydropower project of the same company in Cabanglasan, Bukidnon; the P455-million corrugated boxes for export project of Smartflute Corrugated Packaging Company in Carmen, Davao del Norte; and the P179-million Go Hotel in Iligan City, Lanao del Norte.
The biggest project registered this year was the P79.2-billion Metro Rail Transit Line 7 project of San Miguel Corp. which involves the construction of a 23-kilometer railway line from San Jose Del Monte, Bulacan to MRT-3 North Avenue in Quezon City and the 22-kilometer asphalt road from Bocaue Interchange of the North Luzon Expressway to the intermodal terminal in Tala.
A notable project was the P5-million online tax filing services project of Taxumo Inc., a Philippine startup focused on the development of an end-to-end tax preparation software that allows self-employed individuals and professionals to do “do-it-yourself” online tax filing from submission to payment.
Other notable projects were the P6.5-billion cement plant expansion project in Bulacan province of of Eagle Cement Corp., the P5.1-billion Aruga Hotel by Rockwell Land Corp. in Makati City and the P1.8-billion Calaca, Batangas liquefied petroleum gas project of South Pacific Inc.
Trade Undersecretary and BoI managing head Ceferino Rodolfo said the investments generated from the January to July period represented about 59 percent of the year-end target of P500 billion.