BOI okays P33.847-B projects under 1-day approval scheme

The Board of Investment’s (BOI) one-day approval process has been able to approve a total of 34 projects with a planned investment of P33.847 billion since October, according to BOI managing head Elmer C. Hernandez.

For the week Nov. 14 to 18 alone, Hernandez said, eight new projects worth P272.727 million were approved.

The one-day processing scheme, Hernandez disclosed, appears to have attracted more investments.

"There has been an unusual increase in investments that has surprised me," Hernandez said.

Hernandez attributed the increase in BOI applications to "economic reforms the government has put in place, the improving investment conditions and the streamlining of operations in the BOI."

However, Hernandez admitted, that most of the recent applications have been relatively small and mostly in the small and medium enterprises sector.

Of the eight new projects approved by the BOI, Pryce Gas, Inc. had two separate projects in Cebu and Misamis with a combined investment of P70.237 million.

Pryce Gas is planning a new investment in Sogod, Cebu worth P36.156 million for a 600- metric ton LPG storage tank.

The firm is also putting up a similar 600-MT LPG storage tank at a slightly lower investment of P34.081 million in Balingasag, Misamis.

However, the biggest single investment approved by the BOI this week is the P46 million of B2B PRICENOW.COM which is a web development and management firm.

The new information and communications technology firm is setting up offices at the Ortigas Center in Pasig City and plans to start operations next year.

The ICT firm hopes to generate employment for 3,084 workers.

Call center investors continue to flock to the country, with the latest approval by the BOI of a P15.25-million investment of Network Fortune International which plans to locate also at the Ortigas Center in Pasig City.

Also approved by the BOI under the one-day approval process is the P6-million planned investment of CP Medtrans Solution 2, a data entry services firm which plans to employ 177 workers and start operations by January next year.

A British manufacturing firm, British Electric Lamp Ltd., also got BOI approval for its P4.488-million investment in Carmona, Cavite to manufacture lighting fixtures for export.

The British firm is scheduled to start operation by next month.

The P3.5-million investment of garments firm Ellcee Philippines and the P127,292 project of Davao Oil Terminal Services Corp. also secured BOI approval this week under the one-day process program.