MANILA, Philippines - The Board of Investments (BOI) has already exceeded its full year investment target of P135.76 billion after it recorded P170 billion worth of approvals for the first half of the year.
Investment approvals surged by 318 percent to P170 billion for the first half of the year from P40.63 billion a year ago as investors continue to pump in more money into the energy sector, BOI managing head Elmer C. Hernandez said over the weekend.
“This forebodes of more good things to come for this year. This is a good beginning to attain the objectives under the PIPP (Philippine Investment Priorities Plan),” Hernandez said.
Because they have already overshot their full year target, Hernandez said they will have to set another investment target for the BOI because they are already 37 percent above the full year 2009 investment target after only six months.
For June alone, investments soared by 22,885 percent to P126 billion from only P549 million in June 2009.
Employment generated grew three percent to 13,923 from 13,511 in 2009. The number of projects likewise grew to 87 from 74 which represents an 18-percent growth.
Major investments were in the energy sector. Hernandez said 70 percent of the investments went to power generation projects. “This will address our power problem and can possibly avert the looming power crisis.”
Hernandez noted that aside from renewable energy projects, they have also approved a number of plant rehabilitation projects. “Rehabilitation is a very important component before we can register the project because it makes the plant more efficient.”
Meanwhile, the Philippine Economic Zone Authority (PEZA) announced that exports grew by 43 percent for January to May 2010 when compared to the same period a year ago.
PEZA, the other investment promotion agency of the government said that exports for the first five months of the year was at $16.37 billion, better than the $11.45 billion recorded during the same period a year ago.
Most of the exports were from private ecozones which were $11.35 billion, this was 45 percent higher than the $7.84 billion during the same period the previous year.