Investments registered with the Philippine Board of Investments (BOI) in November 2016 reached P28.5 Billion, up by 97 percent from only P14.4 Billion in the same month last year. The impressive November investment registration figures led to the increase in the January to November 2016 period which reached P324.5 Billion, up by 35.5 percent from only P239.52 Billion recorded in the same period last year.
The aggregated investment approvals were generated from 323 projects with an expected 55,813 in new jobs when these investments became fully operational.
The increase in investments was attributed mainly to the approval of big-ticket power and transportation projects including Light Rail Manila Corporation (P30.369 Billion); Limay Premiere Power Corporation (P23.299 Billion); GMR Megawide Cebu Airport Corporation (P16.750 Billion); Energy Development Corporation (P16.750 Billion); Light Rail Manila Corporation (P15.154 Billion); Bayog Wind Power Corporation (P14.728 Billion); Cordillera Hydro Electric Power Corporation (P12.175 Billion); El Elyon Power Plant Philippines Incorporated (P11.641 Billion); and Alternergy Sembrano Wind Corporation (P8.526 Billion.
Trade Secretary and BOI Chairman Ramon Lopez said this positive development augurs well with the administration’s socio-economic agenda of uplifting the lives of the Filipino people. “More investments mean more jobs, ensuring economic development from the bottom of the pyramid,” he said adding that the continued growth of the investments is a testament of the country’s sound economic fundamentals and sustained investor confidence.
Trade Undersecretary and BOI Managing Head Ceferino Rodolfo meanwhile said that the increase in power investment projects augurs well for the country’s goal to ensure energy security and independence. “These investments support the Philippine Energy Plan 2010-2030 to search for, discover, and further develop energy sources,” Undersecretary Rodolfo said. The PEP indicated that at least P3 trillion in fresh investments are needed to attain the goal.
Likewise, Undersecretary Rodolfo said that transportation projects will greatly uplift the lives of the Filipino people. ”The mass transport projects will be a big help for the commuting public. It will also improve and sustain the quality of life of the people,” he said.
The largest share of approved investments from January to November 2016 is intended to finance projects in the power sector which accounted for P150.269 Billion share to total approved investments during the period. The other sectors that topped the list of investment approvals include construction with Php62.273 Billion; real estate activities including the mass housing sub-sector with P48.953 Billion; the manufacturing sector with P30.409 Billion; and transportation and storage sector with P15.389 Billion.
About 13,268 in employment is expected to be generated from the manufacturing sector investments. “The continued growth of the manufacturing industry is a clear indication of the efforts to boost the growth and further development of the sector through the Manufacturing Resurgence Program,” Rodolfo said.
Topping the list of foreign country investors in the first 11 months of 2016 is Singapore with investments worth P13.261 Billion. The Netherlands came in second with investments amounting to P10.778 Billion, followed by Japan with P6.833 Billion, South Korea with P6.423 Billion, and United Kingdom with P2.349 Billion and the balance shared by various country investors.
The National Capital Region tops the list of regional investments worth P76.152 Billion. Other regions are likewise gaining headway particularly Region 4A which came in second with committed investments worth P76.099 Billion. Significant investments were also directed to Region 3 with P55.251 Billion and Region 7 with P21 Billion.