The Board of Investments (BOI) has approved a total of 377 projects in 2016 with investments amounting to PHP441.8 billion, the second highest investment pledges in the agency since 2000.
Investment approvals in 2016 grew by 20.4 percent from PHP366.7 billion pledges in 2015.
It also surpassed the agency's target growth for the previous year at 7.0 percent.
Last year's figure was the second largest value of registered projects in BOI, next to 2013's investment pledges at PHP466 billion.
These projects are expected to generate 67,615 new jobs once they are fully operational. Most of these jobs are in the sectors of real estate, eyeing 32,055 new personnel, and manufacturing, creating 17,607 new jobs.
Bulk of the registered investments are in the power sector with projects amounting to PHP209.9 billion. Investment pledges in sectors of real estate activities reached PHP65.8 billion; construction, PHP62.3 billion; manufacturing, PHP49 billion; and transportation and storage, PHP23.4 billion.
Highest investment increments were recorded in sectors of construction and manufacturing, with growth of 645 percent and 81 percent, respectively.
"The continued growth of the manufacturing industry is a clear indication of the results of our Manufacturing Resurgence Program. The revival of the manufacturing sector is key to inclusive economic growth because it will generate much-needed decent employment and help the country tap regional production networks," said Trade Undersecretary and BOI Managing Head Ceferino Rodolfo.
Trade Secretary and BOI Chairman Ramon Lopez, on the other hand, attributed the robust investment inflows to the continued confidence of investors with the country's strong macroeconomic fundamentals and the new administration's socioeconomic agenda.
Of the total BOI-registered investments in 2016, 80 percent or PHP352.5 billion were from local companies and the remaining 20 percent or PHP89.3 billion were from foreign investors.
Investment pledges from foreign companies jumped by 50 percent last year from 2015's value of PHP59.5 billion.
Australia was the country's largest foreign investment source in 2016 with commitments reaching PHP30.5 billion.
This is followed by Singapore with registered projects amounting PHP13.6 billion; the Netherlands, with PHP13.1 billion; Japan, with PHP6.8 billion; and South Korea, with PHP6.4 billion.
"With the investment missions that we are doing, investors have gained greater awareness of the Philippines' strong and growing economy," Lopez said.
He added that the Chief Executive, in his state visits, always assured foreign investors that the government will honor, secure, and protect their investments in the country.
Meanwhile, largest value of BOI-approved projects will be invested in Region IV-A, followed by Metro Manila amounting to PHP95.3 billion, and Region III with investments reaching PHP56.5.
But it was noted that investments in Cordillera Administrative Region surged from PHP85.6 million to PHP34.8 billion in 2016.
In a previous interview, Lopez said the investment promotion agency aims to achieve the same level of investment growth at 15 to 20 percent this year.
Source: Philippines News Agency