BOI INVESTMENT APPROVALS UP 91 PERCENT IN JANUARY
The Board of Investments (BOI), the country’s lead industry development and investment promotion agency reported a 91 percent increase in investment approvals for January to P97.9 billion from P51.3 billion recorded in January 2018.
“We are definitely off to a positive start in 2019 and it augurs well for the rest of the year as we aim to cross the uncharted trillion peso mark in investment approval for the whole year,” Trade Secretary and BOI Chairman Ramon Lopez said.
“Breaking a record is getting to be a habit as we aim to set a new mark for the third successive year. And given the strong and sustained confidence of domestic and international investors in the Duterte administration, we hope to make it a yearly record breaking habit until 2022 and even beyond”, he said.
The approval of power development projects, especially renewables, lead the growth in investments for the month with P48.4 billion propelled by the approval of the 603 megawatt (MW) Rizal Wind Energy Corp.
As telcos welcomes a third player, the ICT industry got a major boost with Metroworks ICT Construction Inc., building a P33.1 billion broadband infrastructure. With strong demand due to the infrastructure program of the government, Solid Cement Corporation’s P12.5 billion project in Antipolo was also approved in January.
The building of a new hospital worth P849 million by Allied Care Experts in Dumaguete City gave much needed lift to address health care in the province and its nearby areas.
Approved foreign investments are up an exponential 31,903 percent to P10.6 billion in January from just P33.1 million in the same month in 2018. Netherlands topped all foreign investors, mainly on its investments in the Solid Cement project. Japan came in second with P202.1 million and South Korea placed third with P102.4 million.
“We pick up where we left off as we continue to build and expand the manufacturing base on the back of a robust national industrial policy,” Trade Undersecretary and BOI Managing Head Ceferino Rodolfo said, noting that the manufacturing industry continues to sustain its momentum from last year’s late surge with the addition of a new cement project and with P12.5 billion in new projects for January, manufacturing is up a sizzling 34,559 percent from a mere P37.3 million in the same period last year.
Rodolfo further said total investments outside NCR accounted for almost 100 percent (P97.86 billion) further boosting the dispersal of investments with the capital accounting for only P4 million.
CALABARZON (Region IVA) topped all regions with P60.9 billion in investments, a 213 percent increase from P19.4 billion in 2018, as a result of the wind power project location. Davao Region (Region XI), Mimaropa (IVB) and Cagayan Valley (Region II), completed the top five with approved investments surpassing P500 million each.