BOI-listed investments up 1.7% in 2003

The Board of Investment (BOI) reported yesterday that approved investments, including those approved by the Philippine Export Zone Authority (PEZA), totaled P56.73 billion for the whole of 2003, rising 1.7 percent over the comparable investment of P55.80 billion in 2002.

Trade and Industry Secretary Cesar V. Purisima said that "investments grew slightly last year despite the global and domestic events such as the Iraq war and the severe acute respiratory syndrome (SARS)."

Investments approved by PEZA went up three percent to P28.40 billion, while the BOI-approved investment eased slightly by 0.04 percent to P28.34 billion.

"Large capital investment committed by investors in big ticket projects made it possible to end 2003 on a positive note," Purisima said.

The two big investments were by Victorias Bionergy Inc. worth P4.50 billion and Lepanto Consolidated Mining Co. worth P3.96 billion.

The electricity, gas and water supply sector also garnered an increase of P7.29 billion in investments compared to the P2.71 billion generated in 2002.

Purisima said that the biggest increase in investments was registered by the real estate sector which posted a growth of 313 percent to P3.73 billion from P903 million last year.

There was also substantial investments in the agriculture and forestry sector which posted a growth of 223 percent to P2.71 billion last year from only P841 million in 2002.

The mining sector, which has no approved investments in 2002, generated P3.96 billion in investments, emerging fourth with a seven percent share of total investments in 2003.

Investments in the manufacturing sector, however, fell nine percent but still accounted for 50 percent of the total investments approved at P28.66 billion.

The information technology (IT) sector also posted impressive growth of 23 percent in 2003 amounting to P6.42 billion and is expected to generate over 19,000 jobs.

About 69 percent of last year’s total IT investments were contact center projects amounting to P4.46 billion.