The Philippine Board of Investments (BOI) posted a 187 percent surge in October investment approvals worth Php27.6 billion from Php9.6 billion in the same month last year. Overall, investment approvals from January to October 2017 reached Php408.7 billion, up 38.1 percent from the same period in 2016.

“We remain bullish in attracting more investments in the last two months of the year as the infrastructure program of the government is now in full swing,” said Trade Secretary and BOI Chairman Ramon Lopez.

“The successful hosting by the country of the ASEAN2017 Meetings and the recently announced 6.9 percent GDP growth which surpassed the estimates of experts will sustain the momentum on investments as the year comes to a close and will surely carry over to the new year with greater opportunities,” he said.

Total employment generation for the January-October 2017 period reached 69,862, up 35.1 percent from the same frame last year. Approved projects numbered 369, up from 283 last year or a 30 percent spike.

Trade Undersecretary and BOI Managing Head Ceferino Rodolfo meanwhile said the BOI remains bullish in hitting the Php500 billion target for the year. “We are on track of achieving our Php500 billion for the year as a slew of projects in the pipeline are expected to make the cut,” Undersecretary Rodolfo said, adding that the figure does not yet count projects in other significant sectors like manufacturing and services like retail and real estate that were the main drivers of growth in fueling the economy in the third quarter.

Undersecretary Rodolfo added that the BOI tracks a list of projects in the pipeline–which it actively assists through the pre-registration process. Currently, these include projects undertaking feasibility studies and JV partner and site selection in strategic heavy industries, power generation, and manufacturing.

The Philippine Statistics Authority recently reported that the manufacturing sector expanded by 9.4 percent in the third quarter and contributed 22.4 percent to the aggregate 6.9 percent GDP growth during the said period. Overall, the industry posted the fastest growth rate at 7.5 percent while the services and agriculture sectors posted growth rates of 7.1 percent and 2.5 percent, respectively. In terms of GDP output, the services sector accounted for 58.9 percent, industry sector followed with 33.3 percent and agriculture sector with 7.5 percent. Manufacturing alone accounted for 69 percent of the total output of industry.

Renewable and power projects continue to keep the pace as the biggest source of investments with Php128.9 billion during the first 10 months of the year. Construction and PPP projects are not far behind with Php127.7 billion, up 105 percent from Php62.3 billion last year.

Real estate activities registered Php78.3 billion, up 90.1 percent from Php41.1 billion in 2016. Manufacturing investments continue to be robust with Php38.5 billion, up 81.7 percent from Php21.2 billion the previous year. Transportation and Storage remain steady at Php13.3 billion while accommodation and food service are on a roll with Php11.3 billion, up 268.5 percent from Php3 billion in the same period in 2016.

In line with the government’s move to promote regional dispersion among investments, CALABARZON (Region IV-A) topped all regions with PHp150.9 billion, up a sizzling 341 percent jump from Php34.2 billion last year. Central Luzon (Region III) registered PHp115.1 billion, a sizable 138 percent increase from last year’s Php48.3 billion. NCR had Php42.5 billion, down by 43 percent from Php74.3 billion in 2016. Central and Western Visayas contributed a total of PHp42.3 billion. Cagayan Valley and Ilocos combined for Php21.5 billion. Northern Mindanao and Davao Region had a total of Php12 billion.♦