P52-B worth of projects seek BOI perks

MANILA, Philippines - Investments in the country are expected to continue growing with 44 projects, worth P52 billion, seeking approval from the Board of Investments (BOI).

The projects seeking registration with the BOI to qualify for incentives have been evaluated by the BOI’s Industry Development Services.

Of the total investments in the pipeline, the bulk or 57 percent amounting to P29.57 billion, are in the energy sector.

Accounting for the second biggest share at 15 percent amounting to P7.77 billion is the manufacturing sector, followed by the agriculture sector with 12 percent share or P6.58 billion, real estate activities sector also with 12 percent share or P6.37 billion, logistics and water transport sector with two percent share or P1.07 billion, and other varied sectors with one percent share or P665.30 million.

BOI chairman Ramon Lopez said the projects in the pipeline are positive developments and support the administration’s socio-economic agenda of uplifting the lives of the Filipino people.

“More investments mean more jobs, ensuring economic development from the bottom of the pyramid,” he said.

For his part, BOI managing head Ceferino Rodolfo said the continued growth of investments shows the country’s sound economic fundamentals and sustained investor confidence.

He said the investments are being made in resource-based sectors that could elevate the country’s competitiveness.

“What we are seeing in the real sector that relies on fundamentals of the economy, the fundamental strengths of the economy, is that growth is being sustained or even accelerated,” he said.

As of end-September, investments approved by the BOI rose 49 percent to P286.44 billion from the P192.39 billion in the same period last year.

The investment pledges were generated from 255 projects seen to create 46,716 jobs at full operations.

The bulk or 48 percent of the approved investments in the January to September period were in the power sector.

Earlier, Lopez said the agency expects approved investment pledges for the year to rise 10 to 15 percent from last year’s P366.74 billion.