MANILA — The Board of Investments (BOI) has approved a total of PHP154 billion investment pledges in the first four months of the year.
In a briefing Tuesday, BOI managing head Ceferino Rodolfo said the agency’s approved investments in January to April has increased by 31 percent from the PHP117 billion investment commitments in the same period last year.
Rodolfo mentioned that upcoming projects in the sectors of infrastructure, power, and manufacturing have driven the growth of investment pledges from January to April.
During the period, BOI approved a big-ticket item from MPCALA Holdings, Inc. for the construction of the Cavite-Laguna Expressway (CALAX). The project costs PHP48.5 billion.
It also awarded registration to companies investing in renewable energy projects in Negros Occidental, Pangasinan, Bulacan, and Isabela.
Prospective investments in the manufacturing sector in the first four months of 2017 amounted to PHP40.4 billion.
Largest investments from the sector were for the production of chemical and chemical products valued at PHP13.6 billion.
There were also significant investments in the manufacture of processed food, basic metals, rubber, and plastic products.
Rodolfo, who is also a Trade Undersecretary, mentioned that these investment pledges are expected to generate 46,018 jobs once projects are fully operational.
Job creation of BOI-registered projects in January to April period this year surged by 181 percent from the same period in 2016 at 16,366 jobs.
“With sustained investor confidence in the country’s macroeconomic fundamentals and the early approval of the 2017 Investments Priorities Plan (IPP), we expect a more robust if not, an unprecedented growth in investments this year,” Rodolfo said, adding that the IPP guidelines will be released by the end of the month.
“As the lead promotional investment agency of the national government, the BOI remains committed to do its fair share of making our local industries stronger and more competitive, and attracting more strategic and socially relevant investments that would generate the much needed jobs for our countrymen.”
The BOI will be celebrating its 50th year this year, aiming to hit PHP500 billion worth of investment approvals. Kris Crismundo/PNA-northboundasia.com