PROJECTS approved by the Board of Investments (BoI) in the 10 months to October rose just over 26% by value, with foreign-funded projects more than doubling.
In a statement on Wednesday, the investment promotion agency said the value of projects it approved during the period totaled P515.9 billion, up 26.2% year on year.
The 10-month totals account for 75.87% of the BoI’s 2018 target of P680 billion. The target would beat by 10.21% the 2017 record of P617 billion.
Trade Undersecretary and BoI Managing Head Ceferino S. Rodolfo said:
“The rest of the year should be pretty exciting. There are several big-ticket projects undergoing strict evaluation process, to ensure that incentives are needed to realize their strategic impact.”
Foreign investments accounted for P39.3 billion of the 10-month total, well above the year-earlier P15.3 billion.
Indonesia accounted for P6.4 billion, followed by Malaysia at P2.9 billion and Japan at P2.8 billion.
Other sources of foreign projects were Australia at P1.1 billion; China at P1.1 billion; the US at P612 million; Italy at P485.7 million; Singapore at P404.1 million; and Switzerland at P357.7 million.
Power, manufacturing, transportation and storage, construction and real estate made up the top five industries attracting investments during the period.
The BoI said the highlights include Petron Corp.’s P81.9-billion condensate processing complex; FGEN LNG Corp.’s P62.5-billion LNG Terminal; Pulangi Hydro Power Corp.’s P38-billion renewable hydropower resources project; and Citra Central Expressway Corp.’s P25.7- billion Metro Manila Skyway project.
Others include SteelAsia Manufacturing Corp.’s P24.1-billion heavy steel section project; various Solar Philippines Commercial Rooftop Projects Inc. development projects worth P19 billion, including one in Zambales and P13.6 billion each in Tarlac and Batangas; APO Agua Infrastructure, Inc.’s P13.3-billion bulk water supply project; and Ionic Cementworks Industries, Inc.’s P12-billion cement production project.
The BoI also noted significant increases in manufacturing investment projects in the 10 months, totaling P142.86 billion, compared with the P38.47 billion registered a year earlier.
“We are pleased with the remarkable increase in manufacturing investments. With the strong domestic demand being serviced by merchandise imports, additional investment is needed to boost our manufacturing base that will also expand our capacity to export and address the perennial structural issue of our trade deficit for the past many decades,” Trade Secretary and BoI Chairman Ramon M. Lopez said in the statement.
“We need to work together to attract more investment and address all roadblocks to achieving a competitive industrial structure such as power costs, logistics costs, greater access to major agricultural inputs to many industries like sugar, and agriculture supply at competitive prices,” Mr. Lopez added.
The bulk of the projects propose to locate in Calabarzon and Central Luzon, accounting for P165.3 billion and P165 billion respectively.
Investment projects to be located in the National Capital Region amounted to P66.1 billion, followed by Northern Mindanao at P40 billion, and the Davao Region at P17 billion. — Janina C. Lim