Investment approvals hit record P640B – BoI
THE Board of Investments (BoI) approved investments totaling P640.22 billion as of end-May, a result said to be the highest five-month tally in the agency's 57-year history.
The investment pledges, which were 14-percent higher that the P562.90 billion recorded a year earlier, were overwhelmingly from Filipino investors and mostly comprised renewable energy and power projects, the BoI said.
Domestic investments amounted to P525.85 billion while foreign investments totaled P114.37 billion. The projects are expected to create 13,871 jobs.
Switzerland topped the list of foreign investors with P62.89 billion worth of projects, followed by the Netherlands (P39.33 billion), Singapore (P6.07 billion), China (P1.53 billion), Taiwan (P1.28 billion) and the United States (P953 million).
Calabarzon was the most favored investment destination with projects totaling P538.52 billion. The Ilocos Region with P28.49 billion, Central Luzon with P24.42 billion, Bicol with P13.28 billion and the Western Visayas with P8.54 billion followed.
«With a favorable business environment and strong investor confidence, the Philippines is well-positioned to further enhance its competitiveness and achieve sustainable economic development,» Trade Secretary and BoI Chairman Alfredo Pascual said.
Renewable energy and power project approvals totaled P607.47 billion, 20.73 percent more than the previous year's P503.18 billion.
AdvertisementThe agriculture, forestry and fishing sectors, meanwhile, accounted for P9.56 billion while real estate registered P8.17 billion in approved investments.
Transportation and storage sector investments were valued at P4.61 billion while the manufacturing sector attracted P4.36 billion.
Financial and insurance activities secured P227.95 billion and consequently posted the highest growth rate of 236 percent, the BoI said.
«We aspire to transform the Philippine economy and become the regional hub for smart and sustainable manufacturing and services and these data show that we are on the right track,» Pascual said.
Advertisement«These efforts have been followed through by registration approvals, and what we are seeing now are tangible results of these concerted government
