Investments up 76.27% to P437.867 billion in Jan-Aug

MANILA, Philippines - Investments for the first eight months of the year went up by 76.27 percent to P437.867 billion from P248.411 billion a year ago, according to a report from the Board of Investments (BOI) and the Philippine Economic Zone Authority (PEZA).

For PEZA alone, investments went up by 60 percent for the first eight months to P113.603 billion from P70.958 billion a year ago. The number of projects likewise went up to 426 projects from 332 projects last year.

BOI-registered investments, on the other hand, went up by 82.73 percent to P324.264 billion from P177.453 billion a year ago.

BOI officer-in-charge Lucita P. Reyes said the number of projects were greater this year at 210 from only 112 during the same period last year. Of the 210 projects, 112 are mass housing.

Reyes said that energy emerged as the top sector in terms of project cost with P87.443 billion, followed by oil projects with P74.798 billion. The third was mass housing with P62.658 billion and the fourth was mining with P60.458 billion.

The mass housing sector was the biggest creator of jobs with 33,408 employees, followed by mining with 4,239 jobs and manufactured products with 3,915.

Earlier, BOI managing head Cristino L. Panlilio said it is possible for them to hit P320 billion in investments.

The administration had a successful state visit to China wherein the government brought home $1.3 billion worth of investment.

“We (BOI) have already exceeded our annual target of P250 billion. That’s remarkable. We will readjust our target,” Panlilio told reporters. In fact, he said the BOI will be able to surpass its all time high record posted last year.

“We believe we can hit our P304 billion all time record at by the end of third quarter based on pending applications,” Panlilio said.