The Board of Investments (BOI) and the Philippine Economic Zone Authority (PEZA), the country’s major investment promotion agencies, have approved P12.82 billion worth of investments for the first two months of the year.
Government data show that P7.55 billion investment approvals were from BOI, while PEZA registered P5.27 billion worth of projects.
However, these investment approvals were lower by 90.4 percent from January to February 2021 figures amounting to P133.24 billion –PHP121.93 billion was approved by BOI and P11.31 billion was approved by PEZA.
In terms of employment, registered projects for January to February this year are expected to create 4,847 jobs.
The biggest share was committed to real estate activities at P5.12 billion (39.9 percent).
This was followed by electricity, gas, steam and air-conditioning supply with P5.09 billion (39.7 percent), manufacturing with P1.50 billion (11.7 percent), administrative and support service activities with P1.04 billion (8.1 percent), and agriculture, forestry and fishing with P0.06 billion (0.5 percent).
In terms of approved foreign investments, Singapore was the biggest source with approved investments amounting to P1.32 billion.
This was followed by Japan with P310 million; British Virgin Islands, P220 million; Liechtenstein, P140 million; and the United States, P120 million. PNA