BOI-registered projects up 40% in 5 months
Investment pledges registered with the Board of Investments (BOI) reached P290.6 billion in the first five months of the year, propped up mostly by energy projects.
This marked a 40.1-percent increase from the P207.5 billion registered in the same five-month period last year, a boost which Trade and Industry Secretary Ramon Lopez somehow linked to the outcome of the recent elections.
Lopez, who is chair of BOI, said the higher ranking of the country in the World Competitive Yearbook also helped sustain investor confidence.
Power projects registered up to May this year made up the biggest chunk of total pledges with P185.4 billion, up 74 percent from the P106.5 billion in the same period a year ago.
Manufacturing continued its resurgence, BOI said, with P44.6 billion worth of commitments, up 130.5 percent from P19.4 billion last year.
The information and communication sector went up by 9,669 percent to P33.2 billion from just P340 million in 2018.
Tourism accommodation facilities rocketed to P8.4 billion, up 733 percent from P1 billion last year.
Several manufacturing and service facilities got approved last May, including the P700-million shipping project of Southwest Gallant Ferries Inc. that will service the Batangas, Romblon and Roxas City routes.
BOI also approved in May the P400-million Cavendish banana facility of Tren2 Agri-Industries in Agusan del Sur for the export market. There were also eight low-cost housing projects approved with a combined worth of P2 billion spread across Calabarzon and Central Luzon regions.
