• 2013 investment pledges up by 12%

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    The Board of Investments reported a 12-percent increase in its approved investments for the period of January to December 2013, reaching a total of P403.17 billion from the P360.35 billion posted in the same period last year.

    Domestic investment pledges reached P298.24 billion, or 74 percent of the total investment approvals during the year, which is 4 percent higher than last year’s P286.3 billion.

    Foreign investment pledges accounted for the remaining 26 percent, amounting to P104.93 billion, a 42-percent increase compared to the previous year’s P74 billion.

    These investment approvals for 2013 were topped by big power projects such as that from Energy City Philippines Holdings Inc. of British Virgin Islands, which has an investments of P45.8 billion. Energy City will operate a liquefied natural gas storage facility in Bataan.

    Meanwhile, American-owned GNPower Ltd. Co. will invest P41.23 billion for two 150-megawatt (MW) coal-fired power plants in Mariveles, Bataan; and Pagbilao Energy Corp. will pour in P39.90 billion for a 400-MW coal-fired power plant in Quezon province.

    Other major power projects are those from FDC Misamis Power Corp. with P31.94 billion for a 405-MW coal-fired power plant in Misamis Oriental; San Miguel Consolidated Power Corp. with P25.84 billion for two 150-MW coal-fired power plants in Davao del Sur; SMC Consolidated Power Corp. with P25.51 billion for two 150-MW coal-fired power plants in Bataan; First Natgas Power Corp. with P21.83 billion for a 450-MW combined cycle natural gas power plant in Batangas City; Minergy Coal Corp. with P14.55 billion for two 50-MW coal-fired power plants in Misamis Oriental; and Petron Corp. with P11.18 billion for the expansion of its 70-MW solid fuel-fired power plant in Bataan.

    Electricity, gas, steam and air-conditioning supply sector, power-generating plants and renewable energy projects recorded the largest share of investment commitments at P268.24 billion for a 67-percent share; second was transportation and storage with P67.66 billion, or 17-percent share; real estate activities, specifically, the mass housing sub-sector, with P42.1 billion, or a 10-percent share; manufacturing sector with P13.79 billion for a 3-percent share; and accommodation and food service activities composed primarily of hotels, resorts and other accommodation facilities with P4.81 billion, or 1-percent share.

    There are total of 281 BOI-approved investments for this year, which is expected to generate 37,885 jobs.

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