Projects approved by the Board of Investments (BoI) were up 38.1 percent in value terms as of the first 10 months of the year, rising to P408.7 billion from P296 billion in the comparable 2016 period.
For October alone, investment approvals surged by 187 percent to P27.6 billion and officials expressed optimism that further gains would be realized.
“We remain bullish in attracting more investments in the last two months of the year as the infrastructure program of the government is now in full swing,” Trade Secretary Ramon Lopez said.
“The successful hosting by the country of the Asean (Association of Southeast Asian Nations) 2017 meetings and the recently announced 6.9 percent GDP (gross domestic product) growth [for the third quarter], which surpassed the estimates of experts will sustain the momentum on investments as the year comes to a close and will surely carry over to the new year with greater opportunities,” he added.
The number of projects approved from January to October totaled 369, 30 percent higher than last year.
In employment terms, the projects would provide for 69,862 jobs, up 35.1 percent from last year.
Trade Undersecretary and BOI managing head Ceferino Rodolfo said the agency was bullish about hitting its P500-billion target for the year.
“We are on track … as a slew of projects in the pipeline are expected to make the cut,” he said.
Renewable and power projects were the biggest source of investments, accounting for P128.9 billion.
Construction and public private partnerships projects were not far behind with P 127.7 billion, while real estate activities were in third place with P78.3 billion.