CV ranks 3rd with total P2.3 billion FDIs in Q2

CEBU, Philippines — Central Visayas ranked third in the approved foreign investments in the second quarter of 2017.

According to the Philippine Statistics Authority, approved foreign investments in Region 7 — composed of Cebu, Bohol, Negros Oriental and Siquijor — totaled P2.3 billion.

Central Visayas accounted for 12.7 percent of the total approved foreign investments nationwide which reached P18.2 billion.

The total FI represents the seven investment promotion agencies (IPAs), including the Board of Investments (BOI) and Philippine Economic Zone Authority (PEZA).

Meanwhile, total approved FI for the first six months of 2017 nationwide reached P41 billion, down 38.4 percent from P66.6 billion in the previous year.

The top three prospective investing countries for the second quarter of 2017 include Japan, Singapore, and the US.

Pledges from Japan amounted to P4.8 billion or 26.4 percent of the total FI during the quarter while Singapore and USA committed P2.4 billion and P2 billion, or 13 percent and 11 percent of the total approved FI, respectively.

Manufacturing continued to be the industry that would receive the largest amount of committed foreign investments in the second quarter of 2017.

The National Capital Region (NCR) topped the list with most approved foreign investments, totaling to P5.1 billion or 28.2 percent. CALABARZON came second at P5 billion or 27.3 percent, followed by Central Visayas.

In Cebu, the Board of Investments (BOI) registered P2.7 billion worth of investments from January to July this year.

Most of the projects registered in the seven-month period were mass housing.

It also registered other projects such as manufacturing, shipping, solar power projects, and one tourism accommodation facility located in Siquijor province.

Philip Torres of BOI-Cebu had said he hoped to see more manufacturing-related projects to be registered by the agency as these will create more jobs.

The Central Visayas economy remained as one of the fastest growing in the country, posting a P525-billion gross regional domestic product (GRDP) in 2016, which translates to a growth rate of 8.8 percent.

BOI is the government's main investment arm that registers projects qualified for fiscal and non-fiscal incentives such as, but not limited to, tax holidays, duty-free importation of capital equipment, and employment of foreign nationals.

Earlier, Rosabel Guerrero, director of Bangko Sentral ng Pilipinas' Department of Economic Statistics, said business confidence in Central Visayas had been upbeat in the second quarter of 2017, as it sees a bright business outlook in the region for the rest of the year.

She said that business outlook for the region remains robust.

Likewise, she said employment outlook remains favorable and the number of companies with expansion plans is expected to increase this quarter.

"Positive employment prospects are expected in Western Visayas and Central Visayas but negative for Eastern Visayas," Guerrero said. (FREEMAN)