BOI-registered investments up 35.5%

The value of investments approved by the Board of Investments (BOI) in November surged by 97 percent to P28.5 billion due mainly to the big-ticket power and petrochemical projects registered during the month.

According to Trade Secretary Ramon M. Lopez, this brought total investment commitment approvals from January to November this year to P324.5 billion, up by 35.5 percent from the P239.52 billion registered for the same period last year.

323 projects

These investments would be poured in 323 projects, which are expected to generate 55,813 new jobs once fully operational, data from the BOI showed.

Lopez noted that this positive development augured well for the administration’s socioeconomic agenda of uplifting the lives of the Filipino people.

“More investments meant more jobs, ensuring economic development from the bottom of the pyramid. The continued growth of the investments is a testament to the country’s sound economic fundamentals and sustained investor confidence,” he said.

For the month of November alone, two of the biggest investments approved were the two petrochemical projects of JG Summit amounting to P7 billion.

For the first 11 months of the year, proposed investments in the energy sector accounted for the bulk or P150.27 billion of the approvals. Other sectors that topped the list of investment approvals included construction with P62.273 billion; real estate activities including mass housing, P48.95 billion; manufacturing, P30.41 billion, and transportation and storage, P15.389 billion.

Energy security

More specifically, these projects included those to be implemented by Light Rail Manila Corp. (P30.37 billion); Limay Premiere Power Corp. (P23.3 billion); GMR Megawide Cebu Airport Corp. (P16.75 billion); Energy Development Corp. (P16.75 billion); Bayog Wind Power Corp. (P14.73 billion), and Cordillera Hydro Electric Power Corp.  (P12.18 billion).

Trade Undersecretary and BOI Managing Head Ceferino S. Rodolfo said the increase in power investment projects dovetailed with the current administration’s goal of ensuring energy security and independence.

“These investments support the Philippine Energy Plan 2010-2030 to search for, discover and further develop energy sources. The PEP indicated that at least P3 trillion in fresh investments are needed to attain the goal,” Rodolfo said.

The mass transport projects, meanwhile, would be a “big help for the commuting public. It will also improve and sustain the quality of life of the people,” he added.

Topping the list of foreign country investors in the first 11 months of 2016 was Singapore, which accounted for P13.26 billion of the approvals, followed by the Netherlands with P10.78 billion, Japan with P6.83 billion, South Korea with P6.42 billion and the United Kingdom with P2.35 billion.