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By Ben Arnold De Vera, Reporter
INVESTMENT pledges registered with the Board of
Investments and the Philippine Economic Zone Authority in the first
five months this year more than doubled, the Department of Trade and
Industry said.
The Trade department said the two
incentives-giving agencies approved commitments worth P204.77
billion, or 140.49-percent greater than the P85.11-billion approved
in the same period last year.
Pledges for the manufacturing sector reached
P78.17 billion, jumping 79 percent from P43.56 billion in the same
period last year. Commitments for the electricity, gas, and water
sector amounted to P61.01 billion, surging 374 percent from P12.88
billion last year.
Investment approvals for the real estate,
renting and business activities sector amounted to P28.45 billion,
up by 54 percent from last year’s P18.39 billion. Registered
investments in infrastructure and industrial service reached P11.14
billion, while those for transport, storage and communication
amounted to P7.53 billion, or 638 percent more than the
P1.02-billion recorded last year.
Trade Undersecretary Elmer Hernandez said the
significant growth seen in the manufacturing industry—a main
employment and export generator—as well as in the infrastructure
sector, which includes power, port facilities, mass housing and
real-estate projects, indicates that the country remains competitive
in these areas.
Hernandez said there is a renewed interest to
invest in the power sector, especially those utilizing renewable and
environmentally clean sources, thus ensuring that the country’s
power requirements in the near future are addressed.
Local investments accounted for P135.47 billion,
or 66 percent of the total, while the rest were committed by foreign
investors. The top three foreign investors were Koreans, with P21.24
billion; British, P20.66 billion; and Americans, P9.05 billion.
In May alone, investment approvals grew by 703
percent year-on-year to P92.22 billion compared with last year’s
P11.48 billion.
Among the major investments at end-May include
the P34.38-billion naphtha cracker project of JG Summit Olefins
Corp., the P39.93-billion generation projects of Global Business
Power Corp., the P19.95 billion venture of KEPCO SPC Power Corp.,
the P6.15-billion coal mining expansion of Semirara Mining Corp.,
Cebu Air Inc.’s P5.52- billion efleeting project, Rhizhao
Development Corp.’s P4.50-billion infrastructure port project, and
International Container Terminal Services Inc.’s P4.46 billion
project.
Trade Secretary Peter Favila expressed
confidence that investments will continue to pour into the country
for the rest of the year, adding that he is optimistic that the
Philippines is on track to exceed its investments target this year.
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