The value of investments registered with the Board of Investments (BoI) rose 22 percent to P368.9 billion in 2011, from the P302 billion posted the previous year.
Data from the Department of Trade and Industry showed that investment commitments also breached the year’s target with a total of 332 projects—up 35 percent from the 246 projects reported in 2010.
These projects are expected to boost employment opportunities by 67,211 jobs.
“These figures represent renewed confidence in the reforms instituted by the present administration and in our country’s strong macroeconomic fundamentals. We are committed to sustaining and increasing investments in the next few years with a sharper focus on developing industry roadmaps,” Trade Undersecretary and BoI Managing Head Adrian S. Cristobal Jr. said in a statement Monday.
Of last year’s P368.9 billion in registered investments, local investors accounted for the bulk at P345.696 billion, while the remaining P23.235 billion represented commitments from foreign investors.
“Remarkable growth in investments came from local businesses, generated by a larger demand from the domestic market. Their increased stake in the economy reinforces overall investor confidence which will attract more local and foreign infusions,” Cristobal added.
The manufacturing sector in 2011 was still the top source of investment pledges with P104.758 billion—a 122-percent surge from the previous year’s P47.178 billion.
Investment projects included those for petroleum products, basic metals, motor vehicles, nonmetallic mineral products, and food products.
Other top-performing sectors for 2011 were the low-cost mass housing sector, with commitments amounting to P72.688 billion; energy sector, with total approved investments of P87.785 billion; and mining, with P63.286 billion.
Other key investment commitments for the period were those related to tourism, valued at P10.832 billion, and agriculture, with P1.917 billion.
Under the BoI’s Investments Priorities Plan 2011, priority sectors were agriculture, tourism, ship building, mass housing, energy, infrastructure, research and development, motor vehicles, green projects, creative industries, disaster prevention, and public-private partnership.
According to the DTI, the biggest chunk of investments for the year went to Central Luzon at 22 percent, followed by the National Capital Region, with 20 percent of the investments.
Foreign investment projects approved last year came mostly from Japan, followed by the Netherlands, South Korea, the United States and China.