BoI: Investments soar 318% to P170b

The Board of Investments approved P169.68 billion worth of investment pledges in the first six months of the year, up 318 percent from P40.63 billion year-on-year, Trade Undersecretary and BoI managing head Elmer Hernandez told reporters over the weekend.

“This forebodes for more good things to come. And our targets under the Philippine Investments Promotion Plan, if implemented, will be attained,” Hernandez said.

Approved investments for the month of June surged to P126 billion from P549 million on year.

Employment to be generated by the investment commitments grew 3 percent to 13,923 from 13,511 on year while approved projects increased 18 percent to 87 from 74 on year.

Hernandez said the figures in the first six months were remarkable “because approvals just for the first six months alone has already exceeded the total approvals in 2009 which was P123.42 billion.”

Hernandez said the power sector comprised 70 percent of the approved projects, especially renewable energy.

“Power projects are some of the best investment opportunities in the Philippines. We expect a lot of investors for this sector. The law on renewable energy also helped. The world trend now, which is to go green because of climate change, made it more attractive for investors to pour their resources in renewable energy,” Hernandez said.

“The Philippines has a bright future in renewable energy. And it belongs to the things that we promote under the infrastructure projects, because power is infrastructure. This will also address the power shortage in the country,” he said.

Exports from the country’s economic zones, meanwhile, grew 43 percent in the first five months because of demand overseas for locally-made products, Philippine Economic Zone Authority director-general Lilia de Lima said in his report to Trade Secretary Jesli Lapus.

Data from the agency showed that exports from January to May increased to $16.371 billion from $11.450 billion year-on-year. –Julito G. Rada, Manila Standard Today