Approved investments soared 140 percent in February to P22.50 billion from P9.39 billion in the same month last year, led mainly by investments in the booming real estate and construction sectors, the Board of Investments (BOI) said.
Among the major projects approved were Prime Meridian Powergen Corp.’s P5.57-billion 115-megawatt (MW) San Gabriel Avion natural gas-fired power plant in Batangas City and SM Development Corp.’s low-cost mass housing projects in Pasay City and Quezon City worth P8.75 billion and P2.54 billion, respectively.
Bright Future Educational Facilities, Inc. also received the go-ahead to construct a P2.55-billion public-private partnership (PPP) project for school infrastructure in Region 1.
Foreign investments approved accounted for P572.73 million, up five percent from the previous year’s P545.90 million, while domestic investments accounted for P21.93 billion, a substantial 148 percent increase from P8.84 billion previously.
The BOI said that the generally capital-intensive power sector that dominated last year’s investment approvals was overtaken by the real estate and construction sectors.
The real-estate sector garnered the bulk of investment approvals with P13.84 billion, a 61-percent share of the total, followed by the electricity, gas, steam and air-conditioning supply sector with P5.57 billion, a 25-percent share.
The construction sector cornered P2.55 billion of investment approvals or an 11-percent share, while the manufacturing sector accounted for P465.25 million.
The National Capital Region (NCR) received the most number of investments with P13.85 billion in approved projects.
Although investment approvals for the first two months contracted to P30.24 billion from P96.82 billion the year before, the BOI said that projected employment recorded an increase of 119 percent, from 2,847 jobs in 27 projects last year to 6,246 jobs in 13 projects this year.