BOI-registered investments up 10% to P67.97B in 1st quarter

Investment pledges registered at the Board of Investments (BOI) went up 10 percent to P67.97 billion in the first quarter of this year from P61.94 billion in the same period in 2015.

Real estate projects accounted for the bulk of pledges from January to March, reaching P44.36 billion, followed by manufacturing projects with P15.43 billion, energy and power projects with P4.50 billion, and transportation and storage projects, P2.25 billion.

There were 122 projects registered in the first quarter. Upon the start of their operations, these would create 36,115 new jobs, nearly three times more than the jobs expected to be generated from last year’s first-quarter commitments.

Trade Secretary and BOI Chair Ramon M. Lopez said yesterday that the increase in commitments reflected the growing investor confidence in the country, which was further fueled by plans to ramp up infrastructure spending.

“We are prioritizing the promotion of quality investment projects which is defined in terms of the number of jobs to be generated, its social relevance and impact to the quality of life our countrymen, as in the case of mass housing,” he said in a statement.

The BOI is targeting to reach the P500-billion mark in investment pledges this year, a feat which requires a 13.7-percent jump from the P441 billion registered in 2016.

The manufacturing sector, which is often cited by BOI for its bullish prospects, grew more than three times in the January-to-March period, attracting P15.43 billion in investments from P4.78 billion last year.

BOI said the Calabarzon region (Cavite, Laguna, Batangas, Rizal and Quezon provinces) received the biggest share of pledges with a combined P29.1 billion, followed by the national capital region with P26.51 billion, Central Luzon with P4.63 billion, Davao region with P2.44 billion and Ilocos with P1.92 billion. The rest of the regions shared the remaining balance of pledges. —ROY STEPHEN C. CANIVEL