BoI-approved projects surge to P131.6B as of Feb.

THE VALUE of projects approved by the Board of Investments (BoI) in the first two months of the year rose sharply to P131.6 billion, with many investment applications related to the government’s ambitious infrastructure program.

In a statement, the BoI said on Monday that approved projects in the two months to February were worth significantly more than the P23 billion a year earlier.

Power projects approved for investment incentives by the BoI accounted for P87.7 billion; water supply, sewerage and waste management projects, P13.8 billion; and manufacturing projects, P12.7 billion.

The remaining P17.3 billion involved projects from other sectors such as transport. Among these were Mabuhay Maritime Express Transport, Inc.’s P602-million high-speed ferry which will operate between Kalibo, Aklan and Boracay.

Trade Undersecretary and BoI Managing Head Ceferino S. Rodolfo noted that more projects were registered in the power, cement and air transport sectors.

Among these were Solar Philippine Commercial Rooftop Projects, Inc.’s five solar-power projects worth at least P60 billion in total. These facilities are expected to reduce reliance on fossil fuels and help bring down the overall cost of power.

Meanwhile, Ionic Cementworks Industries, Inc. is set to put up a P12-billion cement plant in Pagbilao, Quezon.

Trade Secretary and BoI Chairman Ramon M. Lopez said “sound policies” and “strong investor sentiment” are driving the economy’s momentum, with the agency ahead of the pace in meeting its P680-billion investment target.

“There were so many prospects late last year that after seeing the unprecedented growth, they finally decided to roll out new investments and other firms remain bullish with their expansion to take advantage of the expansive economy,” Mr. Lopez added.

Central Luzon accounted for P61 billion of the total in the first two months, up from P1.2 billion a year earlier.

Calabarzon had P45.8 billion while the Davao Region came in third at P13.8 billion.

Investments for the National Capital Region fell 36% year-on-year to P2.47 billion from P3.87 billion a year earlier, reflecting the government’s policy of encouraging more investment in the countryside. — Janina C. Lim