THE Board of Investments (BOI) registered P28.5 billion of investment commitments in November 2016, up 97 percent from P14.4 billion a year earlier.
The figures led to an increase in January to November pledges at P324.5 billion, up 35.5 percent from P239.52 billion in the first 11 months of 2015.
Trade Secretary and BOI Chairman Ramon Lopez said during the press conference on Tuesday this positive development augurs well with the administration’s socio-economic agenda of uplifting the lives of the Filipino people.
“More investments mean more jobs, ensuring economic development from the bottom of the pyramid,” he said.
The growth in investment commitments is a testament to the sound economic fundamentals and sustained investor confidence in the country, the Cabinet official noted.
The commitments comprised 323 projects with 55,813 new jobs to be generated when the investments become fully operational.
Trade Department cited the approval of big-ticket power and transportation projects, including the Light Rail Manila Corp. (P30.369 billion), Limay Premiere Power Corp. (P23.299 billion), GMR Megawide Cebu Airport Corp. (P16.750 billion), Energy Development Corp. (P16.750 billion), Light Rail Manila Corp. (P15.154 billion), Bayog Wind Power Corp. (P14.728 billion), Cordillera Hydro Electric Power Corp. (P12.175 billion), El Elyon Power Plant Philippines Inc. (P11.641 billion) and Alternergy Sembrano Wind Corp. (P8.526 billion).
The increase in power investment projects supports the country’s goal of ensuring energy security and independence, Trade Undersecretary and BOI Managing Head Ceferino Rodolfo said.
“These investments support the Philippine Energy Plan [PEP] 2010-2030 to search for, discover, and further develop energy sources,” Rodolfo said. The PEP indicated that at least P3 trillion in fresh investments are needed to attain the goal.
Rodolfo noted the transportation projects would uplift the lives of Filipinos. ”The mass transport projects will be a big help for the commuting public. It will also improve and sustain the quality of life of the people,” he said.
The largest share of approved investments in January to November 2016 is intended to finance projects in the power, which accounted for P150.269 billion of the total commitments.
The other sectors were construction at P62.273 billion, real estate activities including the mass housing sub-sector at P48.953 billion, manufacturing at P30.409 billion, and transportation and storage at P15.389 billion.
From the investments in the manufacturing sector, about 13,268 jobs are expected to be generated. “The continued growth of the manufacturing industry is a clear indication of the efforts to boost the growth and further development of the sector through the Manufacturing Resurgence Program,” Rodolfo said.
Topping the list of foreign investors in the first 11 months of 2016 is Singapore at P13.261 billion. The Netherlands came in second at P10.778 billion, followed by Japan at P6.833 billion, South Korea at P6.423 billion, and the United Kingdom at P2.349 billion. The balance is shared by various country investors.
The National Capital Region topped the list of regional recipients at P76.152 billion. Region 4A came in second at P76.099 billion.
Significant investments were also place in Region 3 at P55.251 billion and Region 7 at P21 billion.