THE government bragged that the intense political noise that hounded the administration early this year did nothing to affect the entry of fresh capital into the country as combined investments approved by the Philippine Economic Zone Authority (Peza) and the Board of Investments (BOI) increased by 54 percent from January to May.

Trade Secretary Peter Favila, also the chairman of both the BOI and Peza, reported that investments registered with the two investment-promotion agencies in the first five months of the year jumped to P113.65 billion from only P73.63 billion in the same period in 2007.

The amount represents 272 new projects that are expected to generate 54,373 fresh jobs.

Favila said this proves that local and foreign businessmen are unfazed by the current political noise and are ready to do business in the country.

“It is business as usual.  The economic opportunities abound in the country and open to those who want to venture in the Philippines,” he said.

During the first five months of the year, the BOI registered P75.51 billion worth of new projects, and Peza approved P38.14 billion.

Favila said the increase in investments were in the utilities (electricity, gas and water supply); real estate, renting and business activities; infrastructure/industrial service; and transport, storage and communication sectors.

Utilities (electricity, gas and water supply) accounted for bulk of the investments at P43.21 billion, or a 298-percent jump from last year’s P10.85 billion. 

“Investors are correctly reading the country’s need for more power and water supply in the near future.  These projects have a long gestation period and will be very welcome once they become operational, just in time to meet the growing need of industries and the population,” Favila said.

Real estate, because of the surge in IT requirements for office space and mass housing for the population, accounted for the P17.15 billion in investments, or 20 percent more than last year’s P14.35 billion.

Investments in infrastructure/industrial service reached P10.89 billion. 

Meanwhile, transport, storage and communication accounted for P7.29 billion, or a six-fold increase than last year’s P1.02 billion.

Manufacturing, with P28.43 billion in investments this year, contracted 38 percent compared with the P39.31 billion of the same period last year.

IT generated P4.07 billion in investments and will create 14,236 new jobs, which is 26.18 percent of the total employment generated for the period.

Local businessmen accounted for P60.08 billion and foreign businessmen contributed P53.57 billion.

South Koreans, the British and Americans topped the list of investors for the period with P20.50 billion, P11.50 billion and P8.42 billion in investments, respectively.

Trade Undersecretary and BOI managing head Elmer Hernandez attributed the surge in Korean and British investors to their power projects registered with the BOI.

Japanese investments, despite the stalled ratification of the Japan-Philippines Economic Partnership Agreement, accounted for P3.10 billion.

WITH the nine-year high inflation rate, independent think tank Ibon Foundation further urged the government to consider restoring oil-industry regulation to ease the pressure on high oil prices.

GOVERNMENT-RUN Power Sector Assets and Liabilities Management Corp. (PSALM) said Thursday seven parties interested in the acquisition of the 620-megawatt (MW) Limay Combined Cycle Power Plant have attended the prebid conference conducted on Wednesday.

THE government bragged that the intense political noise that hounded the administration early this year did nothing to affect the entry of fresh capital into the country as combined investments approved by the Philippine Economic Zone Authority (Peza) and the Board of Investments (BOI) increased by 54 percent from January to May.

CLARK FREE PORT—Thousands of overseas Filipino workers (OFWs) from Central and Northern Luzon are expected to benefit from chartered flights now offered by TransGlobal Airways at the Diosdado Macapagal International Airport (DMIA).

MILITANT groups on Thursday cast doubt that the P1,500 fertilizer subsidy promised by Malacañang will reach the intended beneficiaries, dismissing Malacanang’s public announcement as just another spinoff of the P728-million fertilizer scam.

DAVAO CITY—After nurses, doctors, teachers, skilled labor and engineers, now the agriculture sector is complaining of a lack of professionals.

Environment group Greenpeace assailed independent power producer TeaM Energy’s “crooked smear campaign” that its flagship Rainbow Warrior had released untreated wastewater into the waters of Pagbilao Bay based on “dubious test results.”