Investments jump 53% to P369 B in Jan-July

MANILA, Philippines - Total investments went up by 53.35 percent to P368.673 billion during the first seven months of the year from P240.413 billion a year ago.

Data from the two attached agencies of the Department of Trade and Industry (DTI) showed a better investment climate for January to July this year when compared to the same period last year.

Investments from the Board of Investments (BOI) and the Philippine Economic Zone Authority (PEZA) stood at P368.673 billion during the first seven months of the year. BOI recorded a bigger investment of P276.692 billion while PEZA had P91.981 billion.

PEZA employment went up 15 percent to 801,575 while exports went up to $20.380 billion from $20.082 billion a year ago. PEZA – approved investments went up 34 percent to P91.981 billion during the first seven months from P68.608 billion a year ago.

For BOI, investments went up 61 percent to P276.69 from P171.805 billion. The number of projects likewise went up by 82 percent to 180 projects from 99 recorded last year. Jobs generated for the period grew 177 percent to 40,712 from 14,715.

The biggest investment inflow went to the energy sector because of Petron Corp.’s P74.783 billion modernization project of its plant in Limay, Bataan. The project will convert Petron’s output to white products and will start commercial operations in December 2014.

BOI has recorded four wind power projects three of which are located along the coast line of Ilocos Norte. The investment of the Energy Development Corp. (EDC) for wind energy in Burgos is worth P14.447 billion, Northern Luzon UPC Corp. invested P11.214 billion and Trans Asia invested P6.453 billion.

The second biggest sector is mass housing but the BOI refused to give details on the sector. This was followed by mining which accounted for 19 percent of the total approved projects. Citinickel Mines has invested P51.464 billion. There were also sizeable investments in manufactured products worth P16.898 billion.

BOI managing head Cristino L. Panlilio said the agency has already exceeded its full year target of P250 billion. “We (BOI) have already exceeded annual target of P25 0billion. That’s remarkable. We will re-adjust our target,” Panlilio told reporters.

“We believe we can hit our P304 billion all time record at the latest end third quarter based on pending applications,” Panlilio, who is also the Undersecretary of the DTI said.

Panlilio said that based on the applications they are currently reviewing, they will be able to hit last year’s figure by the end of September at the latest. This means they have three more months to increase their investment figures.

Panlilio said they are poised to revise their target which will be definitely higher than the P304 billion but they are still studying what their new figure should be.