Investments down by 14.5 percent in 2014

By , on January 12, 2015

Shutterstock Photo
Shutterstock Photo

MANILA – The Board of Investments (BOI) and Philippine Economic Zone Authority (PEZA) noted that total investments in 2014 declined by 14.5 percent compared to the previous year.

BOI data showed that the total approved investments by the two agencies in 2014 amounted to P634.24 billion compared to P742.16 billion in 2013.

In addition, investments under the BOI decreased by 24 percent to P354.76 billion from P466.03 billion two years ago.

The decrease is due to fewer applications for projects on energy in 2014.

Meanwhile, investments committed to PEZA increased by 1.2 percent, P279.48 billion last year from P276.13 billion in 2013. Most companies are under the manufacturing sector.

According to BOI chairman Gregory Domingo, the decrease did not affect the number of generated jobs. As a matter of fact, he noted that employment opportunities increased last year.

“While the investment amounts are lower, it is showing that the quality of investments in terms of direct employment generation is better,” he said.

The employment from the investment of the agencies in 2014 increased by 22.5 percent to 181,286 in 2014 from 148,014 in 2013. On the other hand, BOI was able to record a 54 percent increase to 58,668 from 38,100, while projects under PEZA surged by 11.6 percent to 122,681 from 109,914 jobs.

The government is working to promote the country as an ideal investment destination to generate more jobs and boost economic growth.