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By Katrina Mennen A. Valdez, Researcher
INVESTMENT pledges for the
Philippines rose more than twofold in the first two months of the
year, according to the Department of Trade and Industry (DTI).
The DTI said that the country’s
two incentives-giving agencies, the Board of Investments and the
Philippine Economic Zone Authority, registered 129 projects in the
January to February period.
The BOI approved 49 projects
worth P6.81 billion that would qualify for tax perks, while PEZA
registered 80 projects worth P19.97 billion.
The combined approvals were 125
percent more than the P11.9 billion registered in the same two-month
period last year.
Foreign investors remain the
major source of commitments, with pledges totaling P15.6 billion.
Local investors, meanwhile, committed to pour P11 billion in new
money for existing or soon-to-be-established ventures.
Trade Secretary Peter B. Favila
said that the end-February performance shows the bullish attitude of
investors in the country.
The manufacturing, information
technology (IT) and real-estate sectors top the industry recipients,
enjoying fund commitments of P14.3 billion, P4.6 billion and P3.6
billion, respectively.
Investors committed to increase
money for the real-estate sector, consistent with the growing demand
for office spaces by business process outsourcing and call-center
companies.
The manufacturing industry has
advanced from P5.4 million to P14.3 billion, posting a 164-percent
increase, following the infusion of capital by the Mabuhay Vinyl
Corp., manufacturer of caustic soda, hydrochloric acid and liquids,
and Pilipinas Kyohritsu, producer of automatic wiring harness.
Pledges for IT services grew by
767 percent, or from P527.5 million last year to P4.58 billion this
year. Philweb Corp., an application service provider committed to
bring in P147.8 million, while Focusmedia Audivisuals and
Philippines Autocomponents pledged P126.7 million and 80 million,
respectively.
Because of this positive
development, Favila said that the pledges for the two-month period
alone may generate 25,131 new jobs. In the IT sector, 16,047 jobs
will be made available from 9,125 jobs created for the same period
last year.
“Outbound missions are able to
attract the investment allocation of foreign firms for their
offshore operations,” Favila said, adding that the DTI plans to
promote the country abroad as an investment hub.
Trade Undersecretary Elmer C.
Hernandez, who is also BOI managing head, said the DTI is confident
that the 12-percent investment target is achievable especially with
the more focused incentives being prepared under the 2007
Investments Priorities Plan.
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