ENERGY was the top sector for investment proposals approved by Board of Investments (BoI) in the four months to April, the agency said.
In a statement Thursday, the BoI said the four months to April generated P195.7 billion worth of approved investments, up 28% from a year earlier.
About P104.3 billion is to be invested in power projects, including renewables, up from P20.8 billion a year earlier.
The transportation and storage sector generated P37.5 billion in approved investment proposals, up from P2.25 billion a year earlier.
Approved manufacturing investment proposals totaled P15.9 billion, up 3% from a year earlier. The water supply, sewerage and waste management sector and the real estate sector accounted for P13.9 billion and P12.7 billion, respectively.
Trade Secretary and BoI Chairman Ramon M. Lopez attributed the growth in approved investment proposals to “strong macroeconomic fundamentals and the continuous policy reforms.”
Describing approvals in April as “moderate,” Mr. Lopez expressed confidence that more investors will arrive and eventually “make up for the shortfall.”
“We also expect that Foreign Direct Investments (FDI) will pick up as the outlook of foreign investors is always long term, generating more jobs and business opportunities,” he added.
April approvals were dominated by the P19.05 billion to be invested by Philippine Airlines, Inc. (PAL) in six projects.
Meanwhile, the biggest single approval was a P5.2-billion proposal by MWM Terminals, Inc., a public-private partnership (PPP) to build the Parañaque Integrated Terminal Exchange along Coastal Road.
“These six projects by PAL alone indicate there is strong passenger traffic demand and once operational, it will re-energize the tourism industry especially when Boracay reopens before the end of the year,” Trade Undersecretary and BoI Managing Head Ceferino S. Rodolfo said. — Janina C. Lim