The IT investment for the first two months was on top of the P3.7-billion worth of investments approved by the BOI during the first 30 days of the Arroyo government.
The new government has prioritized the IT sector as an investment attraction for foreign direct investment.
The BOI grants an incentive of a six-year income tax holiday for pioneer IT investments of P100 million and above.
Of the P5.024-billion IT approvals the biggest investment amounting to P2.268 B was pumped in by Philweb.com Inc.
Philweb, an Internet service provider is 94.5-percent Filipino-owned (led by former Trade and Industry Secretary Roberto Ongpin) and will engage primarily in IT-enable services including web development and hosting, hotel online program, e-Padala and Philcampus online Padala.
Philweb Intends to provide employment for 223 people and projects a revenue of P10.9 million during the first five years of its operation.
The second largest investment came from Ayala-port Makati Inc. amounting to P1.069 billion.
Ayalaport is 62-percent Filipino-owned (primarily by the Ayala group) and 38-percent Japanese owned. Its primary business is being an Internet data center. Ayala-port is expected to provide employment for only 50 people but projects revenues of P3.442 billion for its first five years of operation.
Aside from Philweb and Ayalaport, 13 other projects were approved during the review period including Meridian Telekoms Inc. and Yapster e-Learning Inc.