A total of P131.6 billion worth of investments was approved by the Philippine Board of Investments (BOI) in the first two months of the year driven by investors’ continuous optimism on the country’s economy.
BOI disclosed on March 5 that it recorded a fourfold increase in January to February, or 402.3 percent higher than the posted P26 billion in the same period last year.
“The sound policies of the government and the strong investor sentiment continues to fuel the growth momentum of the economy as we continue to generate projects and create more jobs for our countrymen,” Trade Secretary and BOI Chairman Ramon Lopez was quoted as saying.
Lopez expressed optimism the government could hit its target of P680 billion in committed investments this year given the strong performance in the previous months as well as the record-high P617 billion witnessed in 2017.
“Barely two months in the new year, we’re off to a blazing start and given the momentum, we will continue to roll for the rest of the year and hit our target of P680 billion, which is up 10 percent from the record-breaking figure from 2017,” he said.
“There were so many prospects late last year that after seeing the unprecedented growth, they finally decided to roll out new investments and other firms remain bullish with their expansion to take advantage of the expansive economy,” the government official added.
Moreover, Trade Undersecretary and BOI Managing Head Ceferino Rodolfo attributed this momentum to the Duterte administration’s massive “Build, Build. Build” initiative that made BOI to approve projects addressing its needs.
“The power requirements are enormous and so are the construction part which leads to more cement production and the expansion of transport facilities,” he said, noting “the biggest project approvals in February came from power, cement and air transportation.”
Solar Philippine Commercial Rooftop’s five solar-power projects worth P60 billion were approved to lessen power consumption and fossil fuel dependency.
For the construction sector, BOI gave a nod to Ionic Cementworks Industries, Inc. to put up a P12-billion cement plan in Pagbilao, Quezon.
Moreover, Metro Iloilo Hospital and Medical Center, Inc. will establish a P620-million hospital in Jaro Iloilo, while Mabuhay Maritime Express Transport Inc. will start to operate its P602-million project as a domestic shipping operator of high speed passenger ship to Kalibo-Boracay, Aklan route.
“Our policy has always been to ensure the migration of investments from the National Capital Region (NCR) to the other regions. This is a deliberate policy to ensure that growth is inclusive,” Lopez said.