Investments registered with the Board of Investments (BoI) rose by 30 percent year-on-year in the January to mid-July period, an official of the Department of Trade and Industry said.
Approved investments went up by 30 percent to P273 billion from January to mid-July, compared with P210 billion in the same period in 2016, Trade Undersecretary and BoI Managing Head Ceferino Rodolfo told reporters over the weekend.
The BoI expects investment pledges to reach P290 billion by end-July with more projects in the approval pipeline, and P500 billion for the full year.
“We still have more projects in the pipeline worth around P18 billion and these are expected to be approved before July ends. We are looking at around P290 billion by the end of the month, so that’s 35 percent [growth]. The figure represents nearly 60 percent of our goal to reach P500 billion this year,” Rodolfo added.
The target was in line with the BoI’s 50th anniversary this year, he said.
For the January to mid-July period, total employment to be generated by the newly registered projects stood at 56,056, up by 50 percent from 37,487 in the same period last year.
The number of registered projects also increased by 25 percent to 245, from 192.
Rodolfo said the recent approval of the P79-billion MRT-7 Project of San Miguel Corp. boosted BoI figures.
“The project involves the construction of the 23-kilometer elevated railway line with 14 stations from San Jose del Monte, Bulacan to MRT-3 North Avenue in Quezon City, and the 22-kilometer asphalt road from Bocaue Interchange of the North Luzon Expressway to the intermodal terminal in Tala, Caloocan,” he said.
The road component is expected to divert northern provincial bus operations to San Jose del Monte, decongesting the Epifanio de los Santos Avenue or EDSA and dispersing economic activity across the regions.
Registered investments for the first half of the year slightly increased to P188 billion from P186 billion in January to June 2016.