MANILA – The Board of Investments (BOI) is optimistic about achieving a 10-percent growth in investment approvals in 2018, its managing head Ceferino Rodolfo said in a statement.
Rodolfo, also a Trade Undersecretary, said BOI is on track to hit the P680-billion target in investment approvals this year.
“We expect big-ticket projects to come in by the second half of the year. Foreign and domestic investors remain optimistic especially in view of the government’s ‘Build, Build, Build’ and Manufacturing Resurgence Program,“ he said.
In 2017, BOI recorded its highest investments approval for the past 50 years amounting to P617 billion. As earlier reported by Trade secretary and BOI chairman Ramon Lopez, registration of investment projects with the IPA in the first half of the year reached nearly 28 percent. BOI approvals amounted to P238.9 billion in H1 2018 from P188 billion in the same period last year.
Lopez told reporters that the “Build, Build, Build” Program of the Duterte administration has contributed to the increasing investment approvals in BOI, as public-private projects may be entitled to incentive packages. “This program will enhance the country’s investment environment and competitiveness as we build infrastructure in over the logistics costs, and of course it can create more employment for those workers that will be part of the ‘Build, Build, Build’ Program,” Lopez said.
For June 2018 alone, the BOI registered the P25.7-billion infrastructure project of Citra Central Expressway Corp., which involves Skyway connection between Buendia Avenue and Balintawak-North Luzon Expressway. A P1.1-billion theme park of Newscapes Haven Development, Inc. in Nabas, Aklan was also registered for perks last month.
Other notable project registrations by the BOI in June include the P990-million renewable energy project of Hydrocor Corp. in Ifugao, the P710-million hospital project of Allegiant Regional Care Hospitals, Inc. in Cebu; and the P439-million mass housing project of PDB Properties, Inc. in Batangas.
Meanwhile, investment pledges from foreign sources surged by 165 percent in H1 2018 to P14.5 billion from P5.5 billion in H1 2017.Biggest sources of foreign investment pledges in the past six months were Indonesia with projects registered with the BOI amounting to P6.4 billion; Japan with P2.6 billion; China, P880 million; United States of America, P582 million; and Italy, P486 million. (PNA)
