The Board of Investments (BOI) in a statement released on Thursday, March 22, said it has approved three expansion projects in the manufacturing sector worth a total of P6.95 billion.
In the same statement, Trade secretary and BOI chairman Ramon M. Lopez in the statement said the country “continues to be a magnet for investments.”
“[T]his is due to the country’s improving business environment, sound macroeconomic policy, political stability, favorable demographics, and of course, our people, who have always been the country’s prime asset in attracting foreign investments,” he added.
According to the Department of Trade and Industry’s investment promotions arm, the biggest among the three investments came from San Miguel Yamamura Asia Corp’s P3.99 billion project to produce class containers.
This is followed by the Philippine Resign Industry, Inc.’s (PRII) P2.86 billion investments to manufacture suspension-type polyvinyl chloride or PVC resins.
Lastly, motorcycle and automotive parts manufacturer Metalcast Corp’s investment worth P100 million for its aluminum die cast production was also approved this month. — Anna Gabriela A. Mogato