BOI-approved investments surge 64% in 4 months in Philippines

Philstar News: Total investments approved by the Board of Investments (BOI) Philippines continued to pile up in the first four months of the year due to the presence of big-ticket power and infrastructure projects.

Department of Trade and Industry Secretary Adrian Cristobal Jr. said BOI-approved investment pledges from January to April 2016 surged 64 percent to P117.3 billion from P71.6 billion in the same period last year.

Of these investments, 84 percent were from local firms while 16 percent came from foreign companies. “We see a continuing entry of investors. The BOI investments in Philippines reflect the same investor confidence in the economy,” Cristobal said. “This showed not just a sustained increase in investments but also increase in the productive capacity of the economy. Investments that are coming are really targeted to help the economy grow,” BOI managing head Ceferino Rodolfo added.

For the month of April alone, BOI-approved investment pledges soared 225 percent to P55.33 billion from P17 billion posted in the same month last year. Among the biggest power projects approved last month include a 150-megawatt (MW) wind power project in Ilocos Norte worth P14.7 billion and a 25-MW biomass facility in Negros Occidental worth P4.9 billion.

In terms of infrastructure projects, a P16.7-billion project of Megawide was registered along with a P15.2-billion project of Light Rail Manila Corp. Despite the high rate of growth recorded in the four-month period, Cristobal said the agency would be sticking to its five percent growth target in approved investment pledges for this year.

BOI approved P366.74 billion in investments in 2015, up three percent from P354.76 billion the previous year.