Central Visayas is 4th top investment destination in Philippines

CEBU, Philippines — Central Visayas has remained among the top investment destinations in the country, according to the Board of Investments.

From January to May this year, BOI-approved projects in Central Visayas totaled P5.7 billion, making the region the county's fourth top investment destination, BOI data released this week showed. 

Based on data earlier obtained by The FREEMAN, it showed that investments in Central Visayas registered with BOI in the first quarter reached P47.01 billion.

Registered projects are the ones already eligible for fiscal and non-fiscal incentives offered by the government. While approved projects still have to go through a process before they are finally registered with BOI.

At the Entrepreneurs Summit in Cebu City recently, Trade Secretary Ramon Lopez expressed his optimism on the dispersal of economic activity into the countryside.

Currently most investments coming in are still concentrated in the country's capital region.

Lopez believes the sustained growth in the economy will continue to support investor confidence.

He added the recent visit of President Duterte in Japan will provide added boost to the investment climate as he was able to attract nearly P300 billion in investment deals, business expansion and letter of intents of Japanese firms to channel more capital into the country which are expected to create over 80,000 additional jobs for Filipinos.

In 2018, BOI-approved investments in Central Visayas -- which also includes Cebu, Negros Oriental, Bohol and Siquijor -- soared to P61 billion, ranking fifth among regions in the country. This was up from P27.1 billion in 2017.

The BOI, an attached agency of the Department of Trade and Industry, is the lead investment promotion agency mandated to facilitate foreign and local investments by providing fiscal and non-fiscal incentives such as tax holidays, duty-free importation of capital equipment, and employment of foreign nationals, among others.