BOI, PEZA investments up 30% to P11-B in Q1

Despite a general slowdown in global economic activity, investor confidence in the Philippines remained strong as reflected in the 30-percent expansion in combined investments registered with the Board of Investments (BOI) and the Philippine Economic Zone Authority (PEZA) during the first three months of the year.

From January to March, total inflows amounted to P11.08 billion with the BOI accounting for P7.532 billion or equivalent to more than 68 percent of total.

Trade and Industry Secretary Manuel Roxas II said the increase in the combined BOI and PEZA investments "is encouraging."

PEZA approvals for the same period amounted to P3.552 billion, slightly lower by 7.15 percent from the P3.825 billion recorded a year ago.

The gas, electricity and water supply sector accounted for the lion’s share, or 45 percent of total investments due to the Victorias Energy project in the Visayas region worth P4.57 billion.

Investments in the manufacturing sector, despite a 2.7- percent drop, remained significant at P4.14 billion.

Other sectors which received significant investments include the office, accounting and computing machinery with P874 million, followed by wearing apparel with P520 million and the non-metallic products with P280 million. The food and beverage sector got P233 million.

Foreign investments rose by 26 percent to P6.12 billion while inflow from local investors jumped 36 percent to P4.96 billion.

Among the major investments during the three-month period are the P4.56 billion renewable energy generation facility to be put up by a British group in Victorias, Negros Occidental; Genpack Corp.’s P1.04 billion tin can plant in General Santos City and a P1.3 billion plastic packaging factory of the Chempil Group in Bataan.

The Victorias project gave Western Visayas the bulk of investments with P4.57 billion followed by the National Capital Region with P2.35 billion; Southern Tagalog, P2.06 billion; and Southern Mindanao, P1.5 billion.

British firms led the list of foreign investors, pumping in a total of P1.93 billion, followed by Japanese businessmen with P1.81 billion.