BOI hits full-year investment target in just 11 months

MANILA, Philippines - Investments approved by the Board of Investments (BOI) amounted to P362 billion in the first 11 months of the year, exceeding the full year forecast of P360 billion.

The January to November 2011 figure was 42 percent higher than the P255 billion recorded during the same period a year ago.

The BOI approved 312 projects during the 11-month period up from 214 a year ago.

These projects are expected to create employment for 63,325 workers, up from 28,400 a year ago.

Domestic investors accounted for the bulk with P340 billion while foreign investments reached only P23 billion. Japanese businessmen were the biggest foreign investor with P6 billion. This was a big jump from last year’s P178,000. 

The manufacturing sector took the biggest investment with P104 billion.

BOI has also recorded four wind power projects, three of which are located along the coast line of Ilocos Norte. The investment of the Energy Development Corp. (EDC) for wind energy in Burgos is worth P14.447 billion, Northern Luzon UPC Corp. invested P11.214 billion and Trans Asia invested P6.453 billion. Also, Citinickel Mines has invested P51.464 billion.

Another big investment is by New Carcar manufacturing owned by the Yao family, the same people behind SteelAsia Manufacturing Company. New Carcar will be investing P10.570 billion for three billet manufacturing facilities in Luzon, Visayas and Mindanao.