MANILA, Philippines – Investments approved by the Board of Investments (BOI) jumped by 91% to P97.9 billion in January 2019 from P51.3 billion in the same month last year, boosted by investments in the energy sector.
In a statement released on Monday, February 11, the BOI said that energy projects, particularly renewables, contributed to the largest share with P48.4 billion.
The information and communications technology sector was the second largest contributor of investments with P33.1 billion, which the BOI said will be coming from MetroWorks ICT Construction's proposed infrastructure project.
Other notable approved investments include:
Trade Secretary Ramon Lopez, chairman of the BOI, said in a statement that the 91% jump in investments shows that the agency is off to a good start in its attempt "to cross the uncharted trillion-peso mark in investment approval for the whole year."
The lead industry development and investment promotion agency reaped P907.2 billion in approved investments last year, driven by investments from the manufacturing sector.
"Breaking a record is getting to be a habit as we aim to set a new mark for the third successive year," Lopez said.
"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 added.
Foreign, domestic investments
Both approved foreign and domestic investments also grew in January, with the former jumping from P33.1 million to around P10.6 billion. The Netherlands was the leading foreign investor, followed by Japan and South Korea.
However, domestic investments still contributed more at around P87.2 billion. This is a 70% increase from P51 billion in January last year.
BOI Managing Head Ceferino Rodolfo said most of January's investments were outside Metro Manila at P97.86 billion, as investments located within the capital region only reached P4 million.
Calabarzon was the leading recipient of the investments due to a wind power project valued at P60.9 billion. – Rappler.com