MANILA — The Board of Investments (BOI) started the year with investment approvals amounting to PHP51.3 billion in January, an over six-fold increase from the PHP8 billion worth of pledges in the same month in 2017.
In a statement Monday, Trade Secretary and BOI Chairman Ramon Lopez attributed the surge in investment approvals to the strong confidence of investors in the government, as well as to the reforms and programs of the Duterte administration.
BOI data showed that renewable energy projects registered the largest pledges in the investment promotion agency (IPA), amounting to PHP27.43 billion.
Among the notable renewable energy projects approved by the BOI in January were the three power facilities of Solar Philippines Commercial Rooftop Projects, Inc. — two in Cavite and one in Nueva Ecija.
Combined investments for these projects amounted to PHP25.9 billion with a total power capacity of 587 megawatts.
Cleangreen Energy Corp. is also setting up a 12-MW biomass energy facility in Bulacan amounting to PHP1.5 billion.
Water supply and distribution projects had the second largest investment commitments with the BOI in January, worth PHP13.87 billion.
This sector likewise recorded the biggest lone project registered with the IPA that month, which came from the PHP13.3-billion bulk water supply project of APO Agua Infrastructura, Inc. in Davao City.
Investment pledges in the manufacturing sector last month amounted to PHP37.29 million.
Among the top recipients of these investments were located in Cavite, with PHP17.9 billion worth of projects; Davao, with PHP13.6-billion projects; and Nueva Ecija, with a PHP8.6-billion project.
Meanwhile, Trade Undersecretary and BOI Managing Head Ceferino Rodolfo is optimistic that the BOI can achieve its PHP680-billion target for investment approvals at the end the year with the strong start in January.