BOI-OKd investment pledges doubled in 1H

The value of investment pledges approved by the Board of Investments has more than doubled to P186.5 billion in the first half of the year, indicating continued confidence in the local economy despite the recent transition to the new administration.

These proposed investments covered 162 projects, which are expected to generate more than 30,000 new jobs when fully operational. The bulk of these pledges were power and transportation infrastructure projects, the BOI said  Tuesday.

For June alone, the BOI saw a 254-percent surge in approved investments to P47.17 billion from the P13.34 billion generated in the same month of 2015.

“Sustained impressive investment performance validates the announced economic policy direction of the new administration,” Trade Secretary Ramon Lopez said.

“The challenge is ensuring that these investments benefit the poorest of the poor. The administration will be embarking on measures to make investments more inclusive through, among others, providing linkages with micro, small and medium-sized enterprises (MSMEs), to the agricultural sector, and to the marginalized geographic regions,” he explained.

According to the trade chief, the government expects further upsurge in the value of investments to be registered with the BOI as there are 30 more projects, worth about P63 billion, in the pipeline.

“These projects, of which more than half have already been check-listed and officially accepted, will be coming mostly from sectors that are of strategic importance due to their impact on inclusive growth  and on national competitiveness such as energy and power, manufacturing, and agriculture, forestry and fishing,” Lopez said.

Data from the BOI showed that power generating plants and renewable energy projects accounted for 51 percent or the bulk of the approved investments in the first semester. A total of 34 power projects, located mostly in Luzon, are expected to generate P95.95 billion worth of fresh capital outlay and an additional capacity of 1,034.12 megawatts.

Some of the biggest energy projects included Limay Premier Power Corp.’s P23-billion, 300-MW fluidized bed coal fired power plant in Bataan; Bayog Wind Power Corp.’s P14.73-billion, 150-MW facility; and Cordillera Hydro Electric Power Corp.’s P12.18 billion, 60-MW energy plant. Amy R. Remo