January was a good month for BOI as their approved investment projects surged from P8 billion recorded in the same month last year to P51.3 billion this year – a whopping 538% increase.
Trade Secretary and BOI Chairman Ramon Lopez sees this as a reflection of the strong confidence on the current administration and the positive reforms and programs being undertaken, which created a sustainable growth momentum moving forward.
“This is the economic breakout we have been working for, “ he added.
Although last year had a record-breaking P617 billion in investment approvals, Trade Undersecretary Ceferino Rodolfo is positive that the agency can achieve its P680 billion target for 2018.
Most investment projects are in the provinces. Cavite received six projects totaling P17.9 billion while Davao City comes second with two projects totalling P13.6 billion. Nueva Ecija, on the other hand, is third with a P8.6-billion solar project. Together, they account for 78% of the total approved projects for January.
The bulk of investments for January 2018 went to water supply and distribution with P13.87 billion, renewable energy projects with P27.43 million, and manufacturing with P37.29 million.
The P13.3 billion bulk water supply of APO Agua Infrastructura Inc. in Davao City is the biggest project approved for January.
Other notable projects include:
- Three solar facilities of Solar Philippines Commercial Rooftop Projects, Inc (two in Cavite and one in Nueva Ecija) worth P25.9 billion.
- Cleangreen Energy Corp.’s 12 MW biomass energy plant worth P1.5 billion (Bulacan).
- 8990 Housing Development Corp.’s housing project worth P2.2 billion (Bulacan).
- Eisberg Cold Logistics’ integrated cold chain facility worth P1.4 billion (Caloocan City).
via Philippine Information Agency / BOI