Central Visayas ranks fifth with most approved projects in 2018

CEBU, Philippines —  Central Visayas, the biggest economic player in southern Philippines, ranked fifth with most approved projects by the Board of Investments last year, dropping one spot from being fourth in 2017. 

But BOI-approved investments in Central Visayas -- where Cebu is the economic center -- soared to P61 billion, ranking fifth among regions in the country.

This was up from P27.1 billion in 2017.

BOI managing head Ceferino Rodolfo said the approved projects have boosted the dispersal of investments to the regions as most projects are outside Metro Manila with total regional investments accounting for 86 percent of the total figure.

Nationwide, BOI-approved investments hit P907.2 B last year, surpassing the previous all-time mark of P616.8 B in 2017. The unprecedented figure is up 47.1 percent year-on-year.

Region X (Northern Mindanao) topped the ranking with P228.8 billion approved investments, followed by Region IV (CALABARZON) with P185 billion, Region III (Central Luzon) with P169.3 billion and NCR with P123.6 billion, constituting 13.6 percent of the aggregate approved investments. 

Central Visayas, being fifth, was followed by Region XIII (Caraga) with P58.2 billion and Region XI (Davao Region) with P18.8 billion.

Central Visayas -- which also includes Bohol, Negros Oriental and Siquijor -- was BOI's fourth top investment destination in 2017. It had recorded P27.1 billion worth of BOI-approved investments in the region with 88.6 percent of the investment pledges located in Cebu.

BOI has said this continued growth validates the investor’s confidence of the business environment in the country.