MANILA, Philippines - The Board of Investments (BOI) approved P309.7 billion worth of projects in nine months this year, up 25 percent from the same period last year as more funds were committed to be spent for energy projects.
In a statement yesterday, the BOI said its investment approvals as of end-September went up from P248.2 billion last year.
The increase came largely from the approval of big power projects led by the P41.23-billion investment for the 600-megawatt (MW) plant of GNPower Ltd. Co. in Mariveles, Bataan.
The American-owned coal-fired power plant, the biggest approved project so far this year, will employ 150 personnel.
Investments were also made for the locally-owned 400-MW coal plant of Pagbilao Energy Corp. with a project cost of P39.9 billion, followed by the P31.9-billion, 405-MW coal plant of another Filipino firm, FDC Misamis Power Corp.
Joining the list are the coal-fired power project of San Miguel Consolidated Power Corp. in Malita, Davao del Sur (300 MW) worth P25.84 billion and SMC Consolidated Power Corp.’s coal-fired power plant in Limay, Bataan (300 MW) worth P25.51 billion.
BOI managing head Adrian S. Cristobal Jr. said these projects will support the country’s surging power requirements.
“These power projects upon fully operational are crucial in sustaining the power needs of the country’s modernization and industrialization in the years ahead,†he said.
By sector, the electricity, gas, steam and air conditioning supply sector got the largest share of investment commitments at P250.69 billion. This was followed by real estate activities, specifically the mass housing sub-sector, with P34.1 billion.
Investments in the transportation and storage sector amounted to P10.54 billion, the manufacturing sector had P5.05 billion, and the accommodation and food service activities composed primarily of hotels and resorts got P4.51 billion.
In terms of investment source, local firms committed to pour in P258.7 billion for the nine-month period, 12 percent higher than last year’s P230.5 billion. Foreign investors, meanwhile, pledged P51 billion, surging 185 percent compared to P17.9 billion during the same period in 2012.