Nearly P301 billion worth of investments approved from January to June this year are expected to create about 78,000 new jobs when the projects are in full operation, the four major investment promotion agencies of the Philippines said Thursday.
“Once fully operational, the investments registered with the investment promotion agencies (IPAs) in the first half of 2013 is expected to generate 77,892 more jobs, a 17% increase from 66, 416 jobs committed during the same period last year,” the Department of Trade and Industry said in a news release.
The value of the approved investments are 39 percent more than in the same semester last year, with the main bulk of P201.9 billion reported by the Board of Investments, while the Philippine Economic Zone Authority (PEZA) posted P83.69 billion.
Commitments to the BOI rose 22 percent while new PEZA projects jumped 92 percent.
Subic rebounds, Clark slides
The Subic Bay Metropolitan Authority (SBMA) said the P13.95 billion investments it approved are a 440 percent boost from its approvals last year’s first half and the biggest chunk was a portion of the P21.3-billion tourism complex of Resom Resorts Phils. Inc.
Clark Development Corporation (CDC) saw a 73 percent drop in its approved projects. The CDC said they gave the go-ahead to only P1.37 billion in investments. It explained that the drop was expected because of the “repricing (of) the structure of its lease rates and re-evaluation of the optimal use of remaining liable Clark areas.” — ELR, GMA News
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