MANILA -- Investment pledges with the Board of Investments (BOI) in the first quarter of the year has increased by 9.74 percent to PHP67.97 billion from PHP61.94 billion in the same period in 2016.
The country's leading investment promotion agency reported Monday that these investments will come from 122 projects registered with the BOI from January to March of this year.
The number of projects registered with the BOI for Q1 2017 rose 67 percent from last year's 72 projects.
Estimated number of employment for projects registered in the first three months of the year surged by 181 percent to 36,115 jobs from last year's same period at 12,841 jobs.
These positive developments clearly indicate the continuously growing investor confidence in the country's sound economic policies, macroeconomic fundamentals, and attractive business environment, Trade Secretary and BOI Chairman Ramon Lopez said.
We are prioritizing the promotion of quality investment projects which is defined in terms of the number of jobs to be generated, its social relevance, and impact to the quality of life of our countrymen, as in the case of mass housing, he added.
Real estate activities shared the largest investment approvals in Q1 2017, which jumped 148 percent to PHP44.36 billion from PHP17.87 billion in 2016.
This is followed by investment prospects in manufacturing sector with pledges surging by 223 percent to PHP15.42 billion in Q1 2017 from PHP4.78 billion in Q1 2016; electricity, gas, steam and air conditioning supply with investment pledges of PHP4.8 billion this year, down by 84 percent from 23.34 billion last year; and transportation and storage, down by 76 percent to PHP2.25 billion from PHP9.22 billion.
It was noted that there are projects in agriculture, forestry and fishing Q1 2017, amounting to PHP450 million. There was no investment in this sector for the same period last year.
Moreover, CALABARZON Region, National Capital Region, and Central Luzon were the top three recipients of investment pledges with the BOI in Q1 of this year.
Investments in CALABARZON Region reached PHP29.1 billion, PHP26.51 billion in Metro Manila, and PHP4.63 billion in Central Luzon.
Top investment destinations for January to March period also include Davao Region, Ilocos Region, and Northern Mindanao, respectively.
Meanwhile, local companies remain the top investors in BOI, with commitments amounting to PHP66.01 billion.
Top foreign sources in Q1 2017 were the United States (PHP475 million), the Netherlands (PHP445 million), Denmark (PHP321 million), India (PHP207 million), and United Arab Emirates (PHP169 million).
Source: Philippines News Agency