The Board of Investments capped the first month of the year with P51.3 billion worth of investment pledges, or more than six times the amount the agency registered in the same month in 2017.
In a statement, the BOI said the January pledges grew by some 541 percent from P8 billion in the same month last year, saying this was a reflection of strong investor confidence in the country under the Duterte administration.
Renewable energy projects accounted for about half of the total at P27.43 billion. This was followed by water supply and distribution ventures with P13.87 billion.
Manufacturing investments, meanwhile, accounted for only P37.29 million.
“This reflects the strong confidence in the Duterte administration and all the positive reforms and programs being undertaken. It is the economic breakout we have been working for,” said Trade Secretary and BOI Chair Ramon Lopez.
The BOI registered P616.7 billion worth of investment pledges for 2017, marking its highest since the agency’s establishment five decades ago. For this year, it targets to attract P680 billion worth of pledges, an increase of more than 10 percent.
The biggest project approved in January was the P13.3-billion bulk water supply of APO Agua Infrastructura Inc. in Davao City, the BOI said.
Other notable projects were the three solar facilities of Solar Philippines Commercial Rooftop Projects Inc.—two in Cavite and one in Nueva Ecija—with a combined cost of P25.9 billion. These renewable energy projects will have a total power capacity of 587 megawatts (MW) once operational.
Meanwhile, Cleangreen Energy Corp. is also constructing a 12-MW biomass energy plant worth P1.5 billion in Bulacan.