MANILA, Philippines - Investments approved by the Board of Investments (BOI) surged by 262 percent to P148 billion during the first four months of this year from only P41 billion a year ago.
“This is a good start for us because investors are coming back. There was a slow growth in 2010 but now we have already recovered,” BOI officer in charge Efren V. Leano told reporters.
The BOI approved 97 projects during the four-month period, up 67 percent from 58 a year ago. These projects are also expected to create employment for 18,916 workers, up 162 percent from only 7,222 in 2010. “This would help cover jobs lost in the Middle East. This could allevaite some fo the overflow as a result of the displacement of some overseas Filipino workers.”
Likewise, Leano noted that there are more investments from domestic firms. Investments from local investors amounted to P139 billion while foreign investments stood at P8 billion.
Leano said that it is good to note that domestic firms are now investing in the country. “This shows that the Filipino is confident in his own country because they are putting their money here now as opposed to four or five years ago.”
On the other hand, the biggest foreign investor noted by BOI was the Netherlands followed by the United States and Singapore. Investments from Singapore soared by 6,000 percent for the first four months. Leano said that among ASEAN countries, Singapore emerged as the country’s largest investors.
Investments from Japan dropped 72 percent but Leano said they are hopeful that the figures will recover by June. “Based on the projections, car companies in Japan will be back on their feet by June and come November and December they will go full blast.”
The manufacturing sector accounted for the bull of the investments pie with 63 percent followed by the in electricity and gas sector and the real estate sector.
Investments in real estate activities grew by 320 percent in the first four months to P23 billion. The BOI has touted this year as the year of mass housing because many mass housing projects were approved during the 2010 Investment Priorities Plan.
The biggest investor for the period was Petron Corp. for its P75 billion project followed by the Energy Development Corp. with P14 billion and New Carcar Manufacturing with P11 billion.