INVESTMENT pledges registered at the Board of Investments (BOI) reached P325.8 billion in the first eight months of the year, up by 38.4 percent, from P235.4 billion in the same period last year.
In a news statement issued on Thursday, the country’s major investment-promotion agency said the 38.4-percent increase translates to approvals of 299 projects in the January-to-August period.
Foreseen employment generated from January to August 2017 increased by 49 percent. Last year there were 42, 214 workers seen to be employed by investment approvals, compared to 62,803 workers this year.
Trade Secretary and BOI Chairman Ramon M. Lopez said in a statement the investment figure could exceed the target with investors exploring opportunities in energy, infrastructure and agribusiness.
“Investors are banking on the construction boom as a result of the “Build, Build, Build” infrastructure program of the government and, to sustain this, they are also looking at the energy requirements to get this done,” he said.
Among the biggest projects approved for August were:
- The P14.6-billion wind-energy project of Currimao Solar Energy Corp. in Rizal;
- The P12.5-billion cement production of South Western Cement Corp. in Cebu; and
- The P777-million biomass-energy plant of VS Gripal Power Corp. in Nueva Ecija.
The P763.2-million low-cost housing project of 8990 Housing Development Corp. in Davao City and the P 623.5-million e-commerce project of Global Fashion Group rounded out the five biggest projects.
Trade Undersecretary and BOI Managing Head Ceferino S. Rodolfo added the agency, with the P325-billion haul year-to-date, have already achieved 65 percent of its P500-billion target.
Construction and public-private partnership registered projects amounted to P127.7 billion during the January-to-August period, which is a 300-percent surge from the same period in 2016. The real-estate sector remained robust with P72.8 billion, up by 113 percent, from P34.1 billion last year.
Manufacturing investments continued on an upward trend with P36 billion in project approvals, up by 74 percent, compared to the same period last year.
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