BoI-okayed investment pledges up 24%
Credit to Author: Anna Leah E. Gonzales| Date: Thu, 16 Jan 2020 16:31:14 +0000
INVESTMENT pledges approved by the Board of Investments (BoI) grew to P1.14 trillion in 2019, exceeding its full-year target of P1 trillion.
Data from the agency on Thursday showed that the amount — the highest posted in the BoI’s 52-year history — was a 24-percent increase from the P914.9 billion recorded in 2018.
Foreign investments surged by 222 percent to P335.7 billion from P103.9 billion a year ago, but domestic ones dipped by 0.74 percent to P804.97 billion from P810.9 billion.
The number of projects approved in 2019 reached 376, up 1.35 percent from the year-earlier’s 371. These are expected to create 61,622 jobs, down 10.55 percent from 2018’s 68,891.
Among the projects approved last year are Dito Telecommunity Corp.’s P210-billion project to build its headquarters inside the Clark Freeport Zone; Isoc Asia Telecoms Tower Inc.’s P141-billion common and shared telecommunictions infrastructure project; Orion Pacific Prime Energy Inc.’s P130-billion 1,200 MW coal-fired power plant in Tagkawayan, Quezon; and St. Raphael Power Generation Corp.’s P95-billion 2×350 MW coal-fired thermal power plant in San Rafael, Calaca, Batangas.
Also included in the list of projects are Rizal Wind Energy Corp.’s P47-billion 603 MW Rizal Wind Power Project in Antipolo and Tanay, Rizal and Gen. Nakar, Quezon; Vires Energy Corp.’s P35-billion 506 MW Natural Gas-Fired Floating Power Plant in Batangas City; Pan Pacific Renewable Power Philippines Corp.’s P33.4-billion 250-megawatt hydropower project in Apayao; and Metroworks ICT Construction Inc.’s P33-billion nationwide broadband backbone infrastructure.
Trade Secretary Ramon Lopez said the BoI aimed to increase investment pledges by 10 percent this year.
“Let’s be conservative, because it is better to meet the target,” Lopez added.
The Trade chief, however, said there were still a lot of big-ticket projects that could register this year.