Investments up 123% to P145 billion in Q1

Published by rudy Date posted on April 18, 2011

MANILA, Philippines – Registered investments surged 123 percent to P144.822 billion in the first quarter of the year as more new projects continued to pour in, the Department of Trade and Industry (DTI) reported over the weekend.

The two attached agencies of the DTI – the Philippine Economic Zone Authority (PEZA) and the Board of Investments (BOI) – both showed huge growth when compared to the same period a year ago.

Total investments for January to March 2011 were at P144.822 billion, better than the P65.054 billion during the same period a year ago.

The BOI had the lion’s share of the investments at P110 billion while PEZA registered P34.822 billion worth of investments.

PEZA’s first quarter investments grew by 20.68 percent from P28.854 billion a year ago. PEZA also registered more projects during the period at 141 compared to 123 in the same period last year.

As of February, PEZA locators employed 792,524, up 23.77 percent from 640,322 a year ago. Exports of locators from the ecozones stood at $6.721 billion, higher by 14.32 percent from the $5.879 billion registered during the same period a year ago.

Meanwhile, BOI reported that for the first three months of the year investments were at P110 billion. This is 205 percent better than the P36.2 billion recorded during the first quarter of 2010. The number of projects approved likewise went up to 54 from 37.

BOI managing head Cristino L. Panlilio said that the P110 billion investments will create 11,159 new jobs. This is 89 percent higher than the 5893 jobs created January to March last year.

Panlilio, who is also a Trade undersecretary, said the big ticket investments are from renewable energy like the P14 billion ERC project. He said there were also several mass housing projects and Citynickel’s P2-billion mining project.

At the same time, foreign direct investments (FDIs) for January to February went up by 135 percent to $727 million from $309 million during the same period a year ago. –Ma. Elisa P. Osorio (The Philippine Star)

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