The Board of Investments (BOI) has posted a 38-percent improvement in investment approvals from January to October, reaching P408.7 billion in the first 10 months of the year.
In a news statement issued on Wednesday, the BOI said the approvals represent a 38.1-percent year-on-year (YoY) increase from P296 billion last year. The hike, likewise, propelled employment by 35.1 percent more within the same period.
On a YoY basis, the growth is pegged at 187 percent, or from P9.6 billion to P 27.6 billion
Trade Undersecretary Ceferino S. Rodolfo said the investment promotion agency is on track to hit its goal, and possibly exceed the P500-billion investment-pledge target by year-end.
Approved projects numbered 369, up from 283 projects in 2016.
“We are on track of achieving our P500 billion for the year as a slew of projects in the pipeline are expected to make the cut,” Rodolfo said, adding that the figure does not yet count projects in other significant sectors like manufacturing and services like retail and real estate that were the main drivers of growth in fueling the economy in the third quarter.
Renewable and power projects continue to keep the pace as the biggest source of investments in the January-to-October period, getting P128.9 billion during the first 10 months of the year.
Construction and public-private partnership projects followed with P127.7 billion, up by 105 percent, from P 62.3 billion last year.
Real-estate activities registered P78.3 billion, up 90.1 percent, from P 41.1 billion in 2016.
Manufacturing investments continue to be robust, with P38.5 billion, up 81.7 percent, from P 21.2 billion the previous year.
Transportation and storage remain steady at P13.3 billion, while accommodation and food service saw a tremendous increase as a consequence of base effect as it got P11.3 billion, up by 268.5 percent, from P3 billion in the same period in 2016.
