Investments in Jan-May hit P205B, up 140.5%
By Abigail L. Ho
Philippine Daily Inquirer
First Posted 03:19:00 07/04/2008
MANILA, Philippines—Investments registered with the government in the January-May period reached P204.77 billion, up 140.5 percent from P85.11 billion in the same period last year, according to data from the Board of Investments and the Philippine Economic Zone Authority.
The investments, in 360 projects, can generate 90,452 jobs, the data show.
Committed investments in the manufacturing sector totaled P78.17 billion, up 79 percent year-on-year. Those in the electricity, gas and water sector reached P61.01 billion, up 374 percent.
Committed in the real estate, renting and business activities sector was P28.45 billion, in the infrastructure and industrial service sector P11.14 billion, and in the transport, storage and communication sector P7.53 billion.
Among the major projects were a P34.38-billion naphtha cracker of JG Summit Olefins Corp. and a P5.52-billion re-fleeting of Cebu Air Inc., operator of Cebu Pacific Air. Both are companies of the Gokongwei group.
Committed in the power sector were investments of Global Business Power Corp. in two generation facilities worth P22.14 billion and P17.79 billion, and of Kepco SPC Power Corp. in a P19.95-billion power generation project.
Also registered were a P6.15-billion coal mining expansion of Semirara Mining Corp. and two infrastructure port projects: Rhizhao Development Corp.’s P4.50-billion project and International Container Terminal Services Inc.’s P4.46-billion undertaking.
The Philippine Economic Zone Authority registered a number of big-ticket projects in the manufacturing and IT services sectors, to be located in its export zones and IT parks.
Local investors accounted P135.47 billion, or 66 percent, of the total investments registered in the January-May period.
Foreign investors, accounting for P69.30 billion, included P21.24 billion from South Korean, P20.66 billion from the United Kingdom and P9.05 billion from the United States. Edited by INQUIRER.net
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