BOI investments up 60% to P7.53-B in Q1

Investments registered with the Board of Investments jumped by 60 percent to P7.53 billion for the first quarter of this year from only P4.71 billion in the same period last year, reflecting improved confidence by businessmen on the country’s economy.

For February alone, investments surged to P5.31 billion due mainly to Victorias Bioenergy project with a total capital infusion worth P4.568 billion.

The February figure was also a notable improvement from the P1.901 billion registered in January.

For March, the BOI approved 17 projects worth P319.6 million, 45 percent lower than the P582 million reported in the same period last year. The figure was also sharply lower compared with the January and February figures whose combined amount reached P7.21 billion.

A total of 2,234 jobs are expected to be created with the approval of these new investments.

Trade and Industry Secretary Manuel Roxas II attributed the substantial increase in investments to the government’s intensified efforts in attracting foreign and local investors.

"We got a mixed set of investments from IT to manufacturing activities. Our thrust of promoting IT projects continues to draw firms which require knowledge-based and English proficient workers," Roxas said.

"Skilled workers are needed by the manufacturing sector from furniture making to construction works," he added.

Major investments for March include the P136.1 million project of Coco Davao Inc., the research and development project of Hugle Technologies Inc. (P48.3 million), P37 million investment mass housing project of Firm Builders Realty Development Corp., Athena e-Services Corp.’s P26.5 million IT project, and P20.4 million furniture project of Catarman Industries.

Coco Davao, which accounted for the bulk of the investments, will set up a coconut processing plant in Sta. Cruz, Davao del Sur to produce and export coco products. The plant is expected to employ 956 people and reach its peak production at 11,030 metric tons on its fifth year.