DOF: create more investments reach P254 billion

MANILA, Philippines — The Philippines has secured and approved over P200 billion worth of investments under the CREATE MORE Act.

According to the Department of Finance, investment capital committed to the Philippines since the law was signed has reached P254.12 billion as of June this year, with most of the investments going to the transportation and storage sector.

Finance Undersecretary Domini Velasquez said the business expansion under the act is expected to generate about P218 billion in additional revenues that can further boost the economy forward.

“In terms of tax expenditures, that’s P110 billion, so the net effect is P108 billion additional revenues for the Philippines and also broadens the economic pie,” she said during the Philippine Economic Briefing in Cebu yesterday.

The transportation and storage sector accounted for P121.32 billion, despite only 16 committed projects and nearly 3,000 jobs. By contrast, the manufacturing industry has the most projects at 100, with P42.31 billion in capital expected to generate over 27,100 jobs for Filipinos.”

With the highest employment commitment at 33,485 jobs, the Information Technology-Business Process Management has P16 billion in capital put up with 79 projects under the sector.

“So we are growing around 5.4 percent, what we want is in the medium term, would grow around six to seven percent,” she said.

Other sectors with billion-peso investment commitments are the economic zone operators with P28.3 billion, mass housing with P18.6 billion, information and communication with P9.3 billion and agriculture, forestry and fishing with P8.6 billion.

Overall, CREATE MORE is expected to generate a total of 67,126 jobs from the committed projects and investments in the said period, according to Velasquez.