BOI-approved investments jump by 40% in January-May 2019
MANILA, Philippines – Pledges approved by the Board of Investments (BOI) saw a 40.1% year-on-year increase to P290.6 billion in the first 5 months of 2019.
The BOI said on Tuesday, June 11, that domestic investments still took bulk of the overall pledges at P223.5 billion, an 11.47% increase from the same period a year ago.
But foreign investment pledges posted the bigger increase, jumping by 871.01% to P67 billion from P6.9 billion. (READ: Foreign, local approved investments jump to P274.2 billion in Q1 2019)
Leading the sources of foreign investment pledges was Singapore, which directed P35.4 billion worth of pledges in the 5-month period, followed by the Netherlands with P9.1 billion.
Thailand and Japan placed 3rd and 4th with P8.5 billion and P5.5 billion in approved investments, respectively. The United States came in 5th place with P2.4 billion worth of pledges. (READ: LIST: 26 deals signed during Duterte's 2019 Japan trip)
For the month of May alone, the BOI approved Southwest Gallant Ferries' P700-million shipping project, Tren2 Agri-Industries' P400-million Cavendish banana facility in Agusan del Sur, and 8 low-cost housing projects totaling P2 billion.
Bulk of the approved investments are for power projects at P185.4 billion, 74% higher than a year ago. The manufacturing sector followed with P44.6 billion, then information and communications technology with P33.2 billion.
Tourism accommodation facilities came in 4th place at P8.4 billion. (READ: Tourism's GDP share rises in 2018 despite Boracay closure)
In terms of regions, Calabarzon took bulk of the investment pledges with P200.9 billion, followed by Central Luzon and the National Capital Region with P27.1 billion and P7.9 billion, respectively.
Trade Secretary Ramon Lopez said investor confidence is expected to remain strong, citing the improved ranking of the Philippines in the World Competitiveness Yearbook, among others. – Rappler.com