Investment pledges surge 36% in 11 months

MANILA, Philippines – Sustained investor confidence on the back of the country’s sound economic fundamentals propelled investment pledges approved by the Board of Investments (BOI) to grow by a little over a third in the 11 months ending November.

The BOI reported yesterday that investment commitments in the January to November period surged 35.5 percent to P324.5 billion from P239.52 billion in the same period last year.

These investment approvals came from 323 projects which are expected to generate 55,813 new jobs once fully operational.

The 11-month investment approvals of the agency received a boost from robust November results, wherein the agency approved P28.5 billion worth of projects, up 97 percent from P14.4 billion in the same month in 2015.

“There is continued confidence in our economy. The investment decision is a long term decision so obviously there’s confidence. They see continuation and improvement in the macroeconomic policies and industrial policies. They know there’s stability that is why they have taken that investment decision,” Trade Secretary and BOI chair Ramon Lopez said.

For November alone, Lopez said the agency approved two pioneer projects of JG Summit which will have a total investment cost of P7.2 billion.

For the January to November period, he said the largest share of approved investments came from the power sector, followed by projects in construction, real estate and manufacturing industries.

BOI managing head Ceferino Rodolfo said the increase in power investment projects augurs well for the country’s goal to ensure energy security and independence.

“These investments support the Philippine Energy Plan 2010-2030 to search for, discover and further develop energy sources. The mass transport projects, meanwhile, will be a big help for the commuting public. It will also improve and sustain the quality of life of the people,” Rodolfo said.

Topping the list of foreign country investors in the 11 month period is Singapore with investments worth P13.261 billion, followed by Netherlands with P10.78 billion, Japan with P6.833 billion, South Korea with P6.42 billion and United Kingdom with P2.35 billion.

Lopez said these positive developments on the incoming investments to the country bode well with the administration’s socio-economic agenda of uplifting the lives of the Filipino people.

“More investments mean more jobs, ensuring economic development from the bottom of the pyramid,” he said.