MANILA – Investments committed with the Board of Investments (BOI) and the Philippine Economic Zone Authority (PEZA) plunged by 71.6% in the first half of the year due to the global economic slump.
A report released by the Department of Trade and Industry (DTI) said investments registered with the two agencies fell to P79.68 billion in January to June 2009 from P280.81 billion in the same months last year.
However, DTI Secretary Peter Favila remains confident that the Philippines would still meet its investment growth target of 0-5% this year as the world economy begins to pull out of recession.
“There are positive signs of generally improving economic and financial conditions in most economies worldwide. Although at a snail’s pace, [the recovery] provides impetus for modest investment performance of the Philippines in 2009,” he said, noting that investments soared by 243% quarter-on-quarter to P61.7 billion at end-June.
During the first 6 months, 340 projects were approved by the BOI and PEZA, and these are expected to provide jobs to 55,533 workers.
The top 5 investments for the period include the 2 geothermal power projects of AP Renewables Inc. in Makban and Tiwi (P13.18 billion and P9.54 billion, respectively); 8 information centers and one incubation building in Baguio (P3.94 billion); mass housing projects of DMCI Project Developers (P3.02 billion); and the 17.5-megawatt biomass power generating plants of Green Power (P2.03 billion).
Local investors remained the major source of investments, accounting for P60.79 billion or 76 percent of the total in January to June. The rest were infused by foreign investors led by Hong Kong businessmen (P3.91 billion), followed by Japanese, Americans and British with P3.32 billion, P3.16 billion and P2.2 billion, respectively.
In the second quarter, DTI Undersecretary for Industry and Investments Elmer Hernandez said projects were mainly in the utilities, IT, and manufacturing sectors.–abs-cbnNEWS.com
It’s women’s month!
“Support women every day of the year!”
Invoke Article 33 of the ILO constitution
against the military junta in Myanmar to carry out the 2021 ILO Commission of Inquiry recommendations against serious violations of Forced Labour and Freedom of Association protocols.
Accept National Unity Government
(NUG) of Myanmar.
Reject Military!
#WearMask #WashHands #Distancing #TakePicturesVideos
Monthly Observances:
Women’s Role in History Month
Weekly Observances:
Week 1: Environmental Week
Women’s Week
Week 3: Philippine Industry and Made-in-the-Philippines
Products Week
Last Week: Protection and Gender-Fair Treatment
of the Girl Child Week
Daily Observances:
March 8: Women’s Rights and
International Peace Day;
National Women’s Day
Mar 4— Employee Appreciation Day
Mar 15 — World Consumer Rights Day
Mar 18 — Global Recycling Day
Mar 21 — International Day for the Elimination of Racial Discrimination
Mar 23 — International Day for the Right to the Truth concerning Gross Human Rights Violations and for the Dignity of Victims
Mar 25 — International Day of Remembrance of the Victims of Slavery and the Transatlantic Slave Trade
Mar 27 — Earth Hour
