BOI-Cebu expects more investment pledges this year

CEBU, Philippines - The Board of Investments Cebu is eyeing to register more investment pledges this year, saying various projects are now in-process while several are identified.

Official data obtained by The FREEMAN showed the value of at least 12 projects pending in the board could reach to P4.6 billion and could generate about 1,413 jobs.

In an interview, BOI Cebu officer-in-charge Philip Torres said these 12 projects are likely to be registered this year unless they will back out.

The 12 are currently in-process or in an approved status which means pre-registration requirements are still to be complied.

Of the 12, at least two local property firms have investment commitments in mass housing development, totaling to P2.1 billion and producing about 548 jobs. Three of these housing projects are located in Cebu while the other one is in Laguna province but its application is being done with BOI Cebu.

Other projects which are either in-process or for pre-registration compliance include: a P1.6-billion hotel in Mandaue City; a P40-million bulk water supply project in Sorsogon province; a P335-million cold storage plant in General Santos City; a P109-million hospital in Southern Leyte; P66-million renewable energy in Cebu; P375-million hotel in Panglao, Bohol; and P4-million lite block in Mandaue City.

Torres said the probability of these investment commitments in-process to be registered anytime soon is 95 percent.

He said the BOI, an attached agency of the trade department, has many investment leads this year including the identified projects which are plans in minds of investors but have no formal documents yet.

In 2014, the local board identified 55 projects but only 13 are likely be registered this year or next, he said.

In fact of the 55, only one was registered last year, six projects pursued without BOI registration, some registered with other agencies like Philippine Economic Zone Authority and others were deemed not registrable for several reasons.

At least four of the 91 projects identified in 2013 could still be registered, he said.

Identified investments the BOI initially cited include nine mass housing projects, renewable power plants, feed mill, activated carbon plant, resort and hospital. Not all identified ventures will pursue but their chance could be at 80-90 percent, BOI said.

In 2014, BOI Cebu registered 12 investment pledges for Central Visayas worth P9.31 billion, creating about 1,415 workers.

At least three projects outside CV were also registered last year: a P323.5 million hospital in Bacolod City and a P300-million oil mill and P100-million palm plantation in Palawan. The three generated 472 workers.  

The local BOI hopes to surpass the total 2014 investment value this year, noting awareness on the government fiscal incentives has increased and economic activity has boosted. — Carlo S. Lorenciana (FREEMAN)