"What is remarkable for the first quarter performance was the 134 percent increase in the manufacturing sector, ie. P45.71 billion in 2005 against P19.50 in 2004," Santos said.
He added that combined with the services sector, the investments approvals in the first quarter of 2005 amounted to P48.03 billion as against P23.07 billion for the same period last year, or a 108 percent increase, accounting for 73.2 percent of the total investments."
Santos, who is also BOI chairman, highlighted the fact that the manufacturing and services sector will generate 18,194 direct jobs once the new projects are fully operational.
He noted that "the upbeat investments in the manufacturing sector supports the country’s thrusts of developing a strong manufacturing industry which not only generates jobs but also facilitates the transfer of technology to the country."
Santos pointed out that these numbers indicate that the Philippines continues to be an attractive investment destination for manufacturing and services operations.
The IT services sector continues to get sizeable investments of P903 million involving 15 projects that are expected to employ 4,825 workers.
While investments in this sector reflected a reduction compared to the first quarter of 2004, current investment leads of the BOI indicate that this will pick up for the rest of the year.
Local investors were the major source of investments during the period with commitments of P34.51 billion, while foreign investments accounted for P31.10 billion.
Among the foreign sources of investments, Japan tops the lists with P14.18 billion, followed by Korea at P9.57 billion, and The Netherlands at third spot with P3.01 billion.
The investments in the manufacturing sector is 61 percent accounted largely by chemicals and chemical products, 12 percent by radio, television and communication equipment and apparatus, seven percent each by motor vehicles and office, accounting and computing machinery and 18 percent by other manufactured products.