BOI – Approved Investments Up by 140% in February

BOI – Approved Investments Up by 140% in February

The Board of Investments (BOI) posted total investment approvals amounting to P22.50 billion in February of this year, up by a significant 140% from P9.39 billion recorded in the same period last year.

Recorded foreign investments totaled P572.73 million in February, up 5% compared to P545.90 million in the same month last year. Domestic investments, on the other hand, poured in P21.93 billion, a substantial 148% increase from P8.84 billion for the same period in the previous year.

BOI-approved projects include the P5.57 billion Prime Meridian Powergen Corp.’s 115 megawatt (MW) San Gabriel Avion natural gas-fired power plant in Batangas City and SM Development Corp.’s low-cost mass housing projects in Pasay City with combined investments worth P8.75 billion and in Quezon City (P2.54 billion). Bright Future Educational Facilities, Inc. also got the go-ahead to construct a P2.55 billion Public-Private Partnership (PPP) project for school infrastructure in Region 1.

In terms of sectoral investments, the generally capital-intensive power sector that dominated last year’s approvals was taken over by investments in the real estate and construction sectors. The Real Estate sector comprised the bulk of the investment approvals with P13.84 billion (61% share) of the aggregate total, followed by the Electricity, Gas, Steam & Air Conditioning Supply sector with P5.57 billion (25% share).  The Construction sector came in with P2.55 billion in investment approvals or an 11% share while the manufacturing sector accounted for P465.25 million.

The National Capital Region (NCR) received the most number of investments with P13.85 billion worth of approved projects.

Though investment performance in February, year-to-date (January to February 2014), contracted from P96.82 billion to P30.24 billion for the same period of 2013, projected employment recorded an increase of 119%, or 2,847 jobs from 27 projects to 6,246 jobs from 13 projects.  (END)