Power and infrastructure projects comprised over 50 percent of investments to the Board of Investments (BoI) in the first seven months of the year, with P108.06 billion of the total P210.37 billion recorded.
Last year’s investments totaled at P106.08 billion.
Data showed energy projects increased 325 percent this year after investment commitments by power corporations like Bayog Wind Power Corp., Cordillera Hydro Electric Power Corp. and Limay Premier Power Corp.
“Investments coming in are in sectors that will elevate our competitiveness such as in power and infrastructure,” Department of Trade and Industry (DTI) Undersecretary and BoI managing head Ceferino Rodolfo said.
He added that investments have dispersed to other regions who have attracted more investments. Central Luzon generated P44.32 billion (21%) of the approved investments, the highest for that period.
“While confidence in the economy remains with investments continuing to pour in, the government is pursuing a number of strategic investment policy and promotion initiatives in a bid to further strengthen its efforts in attracting a massive flow of domestic and foreign investments in the country particularly those that would bring in new technology,” DTI Secretary and BoI chairman Ramon Lopez said.
Construction, mass housing, manufacturing, transportation and storage are other sectors with major investment approvals.
The approved investments are expected to generate 37, 487 jobs upon full operation.