BOI-Approved Investments January to August generate 35,433 jobs
The Board of Investments (BOI) approved investments reached Php258.74 billion from January to August 2014. These investments will provide greater employment opportunities with additional 35,433 jobs at full operations, a 44% increase from 24,637 jobs last year.
“The BOI’s Manufacturing Resurgence Program (MRP) aims to rebuild existing capacity of industries, strengthen new ones and maintain the competitiveness of industries. The robust performance of the manufacturing sector, recording a 53% increase in investments or Php7.43 billion, is a tangible result of these efforts. The BOI will continue to promote sectors that generate more employment opportunities and is committed to the country’s goal of inclusive growth and poverty reduction,“ Trade Undersecretary and BOI Managing Head Adrian Cristobal Jr.
The BOI forged in 2012 strategic partnerships with the private sector to craft sectoral roadmaps that would contain among others the industry’s vision, goals, targets and strategies for the short, medium and long term. BOI created Technical working groups to follow-through on the implementation of these roadmaps. Early this year, the BOI convened the Industry Development Council to support the development of the industry roadmap project. To date, some 29 industry roadmaps, at various stages of development have been submitted to the BOI. The industry roadmaps, particularly in the Manufacturing sector, serve as backbone of the MRP.
Cristobal also remarked that of the investments approved by the BOI for the period, domestic sources provided 95% or Php 245.76 billion of total share while the remaining 5% or Php 12.97 billion were from foreign investment sources. “Domestic business confidence spurs growth of investments in the Manufacturing sector,” Cristobal added.
The Electricity, Gas, Steam and Air Conditioning Supply Sector continued to record the biggest share of the total investments with Php160.33 billion. Other performers were Construction (Php34.48 billion), Mass Housing (Php28.85 billion), Accommodation and Food Service Activities (Php14.69 billion) and Transportation and Storage (Php7.74 billion).
The biggest approved projects for the period include St. Raphael Power Generation Corporation, GNPower Kauswagan Ltd. Co., and Vertex Tollways Development Inc. St. Raphael Power Generation Corporation will build two 3 megawatts MW coaled power fired plants in Balayan and Calaca Batangas, worth Php 63.17 billion. GNPower Kauswagan Ltd. Co. will construct a 540 MW coal-fired plant in Lanao del Norte worth Php50 billion while Vertex Tollways Development Inc. will construct the NAIA Expressway Phase 2 worth Php 23.43 billion.
Region 4 is the preferred destination of investments from January to August 2013 with Php93.6 billion, a 29% increase from last year’s Php72.6 billion in the same period. Other investment destinations include NCR (Php62.6 billion), Region 10 (Php50.1 billion), Region 6 (Php20.7 billion) and Region 3 (Php5.2 billion).
The decline in investments, down by 26% from the Php350.34 billion of the same period last year, was attributed mainly to the larger base last year of Php 466 billion, a growth of 29 percent compared to 2012, and no approved big ticket energy and related projects this year reaching only to Php160.33 Billion (22 projects with total capacity of 1,396.44MW) from Php296.71 Billion (26 projects with total capacity of 3,668.90 MW) in the same period last year. (END)