The Philippine Board of Investments (BOI) is confident of hitting its Php500 billion investment approvals target for 2017 as investment projects registered with the agency reached Php325.8 billion in the first eight months of the year, up by 38.4 percent from Php235.4 billion in the same period last year.

Trade Secretary and BOI Chairman Ramon Lopez said the investment figure could exceed the target with investors exploring opportunities in energy, infrastructure and agribusiness. “Investors are banking on the construction boom as a result of the “Build, Build, Build” infrastructure program of the government, and to sustain this, they are also looking at the energy requirements to get this done,” he added.

Lopez pointed out that among the biggest projects approved for August alone were the Php14.6 billion wind energy project of Currimao Solar Energy Corp. in Rizal, the Php12.5 billion cement production of South Western Cement Corp. in Cebu, and the Php777 million biomass energy plant of VS Gripal Power Corp. in Nueva Ecija. The Php763.2 million low-cost housing project of 8990 Housing Development Corp. in Davao City and the Php623.5 million ecommerce project of Global Fashion Group rounded out the five biggest projects.

Aggregate employment generation for the January-August investment figure reached 62,803, up by 48.8 percent from 42,214 in the same period last year. Approved projects reached 299, up by 30 percent from 230 in 2016.

Trade Undersecretary and BOI Managing Head Ceferino Rodolfo said, “We already achieved 65 percent of our intended target for our 50th Anniversary this year. We still have a month to go before the end of the 3rd quarter and we have already two-thirds of the target figure. I am confident we can easily top Php500 billion, if not surpass them given the influx of interested investors to put their money where the action is.”

Undersecretary Rodolfo highlighted the fact that construction and PPP projects registered already reached Php127.7 billion during the January to August period, which is a 300 percent surge from the same period in 2016. The Real Estate sector remained robust with Php72.8 billion, up by 113 percent from Php34.1 billion last year. Investments in manufacturing continued on an upward trend with Php36 billion in project approvals, up by Php20.7 billion in 2016or a 74 percent hike and agriculture project continued to sizzle with a 47.4 percent spurt with 2.5 billion from Php1.7 billion in 2016.