BoI: Investment pledges for Cebu up P7.7B in Q1

CEBU, Philippines - Investment pledges for Cebu registered by the Board of Investments in the first quarter of this year reached P7.7 billion, up from last year, latest data showed.

BoI registered five mass housing projects, one shipping and one renewable energy (a wind power project) all located in Cebu; and these are expected to create 513 jobs.

The energy project of Amihan Energy Corp. in Balamban, Cebu, with project cost estimated at P6.6 billion, is the biggest investment registered during the period.

The cumulative project cost of the five mass housing projects – three located in Mandaue City, one in Lapu-Lapu City and one in Minglanilla town – reached P727.8 million.

While the shipping project has a project cost of P80 million.

Earlier, Ellorence D. Cruz, officer-in-charge at BoI-Cebu, said mass housing is still expected to lead the projects to be registered this year.

"The demand for houses is still there," she had said.

In 2015, BoI registered a total of P25.6 billion worth of investments in Central Visayas, more than twice than the P9.3 billion registered in 2014.

In the first quarter of 2015, BoI, an attached agency of Department of Trade and Industry, registered investments worth P1.4 billion.

BoI's Investment Priorities Plan (IPP) 2014-2016 has eight preferred activities: manufacturing, agribusiness and fishery, services, economic and low-cost housing, hospitals, energy, public infrastructure and logistics and public-private partnership projects.

The Central Visayas economy grew 8.8 percent in 2014.

The National Economic and Development Authority said the regional economy was expected to grow further last year due to growing tourist arrivals, construction activities, retail trade and BoI-registered investment, among others. (FREEMAN)