Investment pledges up 18% amid strong business confidence

Investment pledges approved by the Board of Investments rose by 18 percent to P314.3 billion in the first 10 months of the year, from the P266.3 billion recorded a year ago, as local investor confidence continued to be strong.

According to the BOI, the confidence of local businesses remained high as domestic investments contributed 84 percent of the total pledges approved for the period, while the remaining 16 percent came from foreign investments.

The energy sector captured the largest share in the investment commitments at P252.8 billion, equivalent to about 80 percent of total approvals, followed by the real estate sector, which registered P36.1 billion or an 11.5-percent share.

Investments in the transportation and storage sector amounted to P11 billion; the manufacturing sector captured P5.05 billion; and the accommodation and food service activities, P4.51 billion.

Data from the BOI, meanwhile, showed that the bulk of the foreign investments, or P41.2 billion, came from the approved project of GNPower Limited Co., whose parent firm is based in the US.

GNPower will operate in Mariveles, Bataan, its two 150-megawatt coal-fired power plants, reportedly the biggest approved project in 2013 so far.