BOI remains on track of reaching Php500-B target, investment projects up 30% as of mid-July 2017
The Philippine Board of Investments (BOI) remains on track of reaching its Php500-Billion target as investment projects registered with the agency already reached Php272.7 Billion, up by 30 percent from the Php210.4 Billion recorded in the same period last year. Total employment to be generated upon full operations of these projects is 56,056, up by 50 percent from the 37,487 for the same period last year. Number of registered projects also increased by 25 percent to 245 from 192.
The recent approval of Php79 Billion MRT-7 Project of San Miguel Corporation boosted the investment registration projects figure. The project involves the construction of the 23-kilometer elevated railway line with 14 Stations from San Jose Del Monte, Bulacan to MRT 3 North Avenue in Quezon City and the 22-kilometer asphalt road from Bocaue Interchange of the North Luzon Expressway to the intermodal terminal in Tala. The road component is expected to divert northern provincial buses operation to San Jose Del Monte, decongesting EDSA and dispersing economic activities across the regions.
“We still have more projects in the pipeline worth around Php18 billion and is expected to be approved before July ends. We are looking at around Php290Billion by the end of the month. The figure represents nearly 60 percent of our goal to reach Php500 Billion this year in line with our 50th Founding Anniversary so we are on pace to achieve that mark,” Trade Undersecretary and BOI Managing Head Ceferino Rodolfo said. (END)