Business and Economy
BOI okays Php 174.5-B investments in Jan-May 2017
MANILA, June 9 — The Board of Investments (BOI) approved Php 174.5-billion worth of investments in the first five months of the year, up 25 percent from Php137.3 billion in the same period in 2016.
In a statement Friday, BOI said the Php174.5-billion investments came from 218 projects registered with the country’s leading investment promotion agency.
Number of projects registered with the BOI from January to May this year surged 70 percent from 128 projects last year.
These investments also doubled the number of jobs generated in the said period.
BOI reported that a total of 51,847 jobs will be created from these projects registered during the first five months of 2017 compared to last year’s figure of 25,869 jobs.
By sector, largest investment approvals were in real estate with total approved investments of Php68.74 billion.
This was followed by construction and public-private partnership projects at Php48.47 billion; energy projects at Php28.31 billion; manufacturing projects at Php15.75 billion; and transportation and storage projects at Php9.59 billion.
“We are seeing a bullish first full-year local and foreign investment inflow with levels to reach at least Php500 billion from Phb441 billion achieved in 2016,” BOI Managing Head Ceferino Rodolfo said.
Moreover, top foreign investors in the country in January to May this year were from Singapore, amounting to Php2.12 billion; United States of America with Php483.25 million; Netherlands with Php445.22 million; Denmark with Php320.84 million; and India with Php207.35 million.
Meanwhile, BOI Chairman and Trade Secretary Ramon Lopez stressed that the Philippines remains a destination for global investments despite the recent developments in the country such as the clash in Marawi City and the shooting and fire incident at the Resorts World Manila.
Lopez said these were “isolated cases” and the government was in firm control of the situations.
“It’s business as usual in the country,” Lopez said noting the country’s sound macroeconomic fundamentals of the country and sustained investors’ confidence. (Kris M. Crismundo/PNA)
