Registered investments in CVmore than doubled at P25.6B

CEBU, Philippines - The Board of Investments registered a total of P25.6 billion worth of investments for Central Visayas in 2015, which is more than twice over the registered projects in 2014 that reached P9.3 billion.

Data obtained yesterday by The FREEMAN showed BoI-Cebu registered a total of 26 projects last year consisting of eight mass housing; five manufacturing; six renewable energy; three tourism-related projects; one infrastructure; one shipping; one agribusiness and one public-private partnership (PPP).

 In an interview, Ellorence D. Cruz, new officer-in-charge at BoI-Cebu, said the agency still expects more housing projects to be registered this year. 

 Topping the list in terms of amount is the Mactan-Cebu International Airport modernization project, the Aquino administration’s first airport PPP project, with P6.3 billion cost.

 Most of the projects are located in Cebu while others are in Bohol and Negros Oriental.

The new projects, when operational, are estimated to create 3,545 jobs in the region.

 Majority of investment commitments come from local companies. 

 Cumulatively, renewable energy projects posted the highest investment cost at P8.5 billion, followed by manufacturing (P6.5 billion), PPP (P6.3 billion), mass housing (P2.4 billion), tourism projects (P1.1 billion), water transport infrastructure (P375.3 million) and shipping (P375.3 million).

The approved renewable power projects are three hydro, two solar and one geothermal.

 BoI, the government’s main investment arm, earlier reported it approved 358 investments nationwide last year, totaling to P366.74 billion, up 3 percent from P354.76 billion in 2014. It expects 58,252 new jobs when these investments become operational.

 In an earlier statement, BoI Managing Head Ceferino Rodolfo said the manufacturing sector contributed to the rise in investments, noting it is the key to inclusive growth because it generates the much needed employment.

 Cruz said Cebu, for one, has a big potential in manufacturing because of it being a strategic hub for trade. 

The five manufacturing projects registered last year are all located in Cebu. These are in the production of e-vehicles, fine jewelry, raw sugar, wall panel and steel bars.

 In 2014, the Central Visayas economy grew 8.8 percent, led by the services and industry sectors.

 The Philippine Statistics Authority is to release regional economic data for 2015 by middle this year.

The National Economic and Development Authority is targeting a 9.7-11.9 percent growth rate for Region 7 in 2015. The region's economic performance since 2010 until present holds the highest five-year average growth which is 9 percent.  (FREEMAN)