BOI, PEZA investments soar 493% to P145B in 1st 7 mos

Capital inflows approved by the Board of Investments (BOI) and the Philippine Export Zone Authority (PEZA) surged by a strong 493 percent to P144.97 billion in the first seven months of the year from only P24.46 billion in the same period last year.

BOI approved investments alone from January to July this year amounted to P116.53 billion, surging by a dramatic 858 percent from only P12.16 billion a year ago.

On the other hand, PEZA locator investments for the first seven months of this year reached P28.43 billion, a 131-percent expansion from the P12.30 billion posted in the same period last year.

The bulk of the approved investments from January to July this year went to the manufacturing sector with P24.53 billion, an increase of P11.38 billion or 87 percent from P13.5 billion in 2003.

For the first seven months of this year, some 242 projects were approved which generated 40,170 jobs.

Total foreign investments from January to July this year amounted to P127.11 billion, 767 percent higher than the P14.66 billion invested for the comparable seven-month period last year.

Nauru remains the top foreign investor followed by Japan.

PEZA said bulk of investments in ecozones went to the information technology sector with P4.294 billion, or an increase of nearly 100 percent over last year’s P2.152 billion.

PEZA said investors prefer to locate within special economic zones as this entitles them to fiscal perks that include income tax holiday and duty-free importation of capital equipment and raw materials.