Peza, BoI okayed projects rise to P145-B worth in Q1

Published by rudy Date posted on May 23, 2011

The country’s top two investment promotion agencies, the Board of Investments (BoI) and the Philippine Export Zones Authority (Peza), generated a total of P145.23 billion worth of committed investments from January to March, which was 123.22 percent higher from the P65.06 billion of approved investments generated in the same period last year.

Both agencies’ investment approvals increased with BoI’s record of approvals by 204.94 percent at P110.40 billion from P36.21 billion and, similarly for Peza, with a 20.68 percent at P34.82 billion from P28.85 billion compared to the same period last year.

The major source of investments came from local investors with committed investments worth P125.12 billion, accounting for 86.15 percent of total investments, while foreign investors contributed a total of P20.11 billion or 13.85 percent of total investments.

The 203 approved projects are expected to create 39,664 additional jobs when fully operational, a 24.44 percent increase from last year’s 31,875.

The manufacturing sector top the list of sectors with the highest committed investments worth P104.04 billion, a 414.69 percent increase compared to the same period of last year with P20.21 billion.

Notable project includes Petron Corp. (a 99.47 percent Filipino and 0.53 percent Various Foreign), an existing industry participant under the Downstream Oil Industry Deregulation Act of 1998 (RA 8479) infused new investments worth P74.78 billion that will engage in the modernization/conversion of Bataan oil refinery project.

The real estate activities sector came in second with investments amounting to P16.59 billion from P11.26 billion investments last year, remains bullish garnering a 11.42 percent share of total investments in the first quarter of 2011.

Investment approvals in electricity, gas, steam and air-conditioning supply (P14.65 billion from P28.45 billion) decreased by 48.52 percent. Administrative support service activities sector (P2.87 billion from P1.79 billion) while mining and quarrying sector generated a total of P2.06 billion in the first quarter of 2011. –Ayen Infante, Daily Tribune

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