Investment commitments seen to top P300B

MANILA, Philippines -  Investments are expected to breach the P300-billion mark again this year as figures for the first two months jumped by 185 percent, the Board of Investments (BOI) reported yesterday.

Data from the BOI showed that investment commitments for January to February stood at P28.237 billion, a sharp 185-percent increase from the P9.9 billion recorded during the same period a year ago.

As such the BOI said they are confident that they will be able to exceed their P258 billion yearend target and even match their robust 2010 performance. Investments in 2010 hit P300 billion.

“The first two months show that we would be able to surpass the P258-billion yearend target that we set,” BOI Executive Director Lucita P. Reyes said. In fact, she said that they may even be able to maintain the P300-billion level.

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

One of the big investments was the P1.9-billion project of Boracay Island Water. This project is a joint venture project of 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 noted.

The other project is the P2.05-billion project 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.