BOI-listed investments jump 183% to P11.4 billion

MANILA, Philippines -  The government is off to a good start in terms of attracting new investments as the Board of Investments (BOI) approved a total of P11.4 billion worth of fresh capital as of Feb. 15 this year, a 183-percent increase from a year ago level.

In an interview, BOI Executive Director Lucita P. Reyes said that for January until Feb. 15, investments ballooned to P11.4 billion from P9.917 billion recorded in the same period last year.

“The prospect for this year is very good. This bodes well for the current administration because investor confidence is improving and we see a number of businessmen coming in,” Reyes told reporters.

However, despite the high investment figure, the number of jobs generated went down by 54 percent during this period to only 3,661 from 5,007 a year ago. The number of projects was slightly higher this year at 29 from 22.

One of the big investments was the P1.9 billion project of Boracay Island Water. This project is a joint venture project between the Tourism Infrastructure and Enterprise Zone Authority (TIEZA) and the Manila Water.

Reyes said there is a concession agreement between the two parties to improve the water system in the island and likewise construct a better sewerage system for the tourist spot.

“This investment is necessary because the problem of Boracay is the sewerage and the water. This can solve a lot of problems,” Reyes said.

The other investment is the P2.05 billion project of Citinickel Mines and Development Corp. in barangay Narra Palawan.

Citinickel holds the mineral production sharing agreement that covers the 2,200-hectare sprawling nickel-rich mining concession in the towns of Narra and Sofronio in Palawan.

Citinickel said the certificate covered mining and direct shipment of 1.2 million metric tons of nickel ore in 1,408 hectares of its concession in Sofronio.

The mining project features development and operations limited to waste stripping, ore extraction, loading, and shipment as well as construction, rehabilitation and improvement of mine haul and access roads.

It also includes construction and operations of mine structures and support facilities, such as stockyards, equipment yard and office, camp site and assay and drainage systems, waste dump areas, settling ponds and other silt and erosion control infrastructures.