Singapore is No. 1 investor: Investments up 40% in first 5 months of 2019 – BOI
Total approved investments recorded by the Board of Investments (BOI) from January to May reached P290.6 billion, up by 40.1 percent from P207.5 billion in the same period last year.
Foreign investments surged ten-fold to P67 billion from January to May 2019 from P6.9 billion last year.
Singapore remains the Philippines’ biggest foreign investor to date with P35.4 billion, followed by the Netherlands (P9.1 billion), Thailand (P8.5 billion), Japan with(P5.5 billion), and the United States (P2.4 billion).
Domestic investments climbed P223.5 billion from P200.5 billion.
Power projects made up the biggest chunk of investments with P185.4 billion, up 74 percent from P106.5 billion last year.
Manufacturing continues its resurgence with P44.6 billion, up 130.5 percent from P19.4 billion last year.
The information and communication sector went up exponentially by 9,669 percent to P33.2 billion, from just P340 million in 2018. The tourism accommodation facilities rocketed to P8.4 billion, up 733 percent from P1 billion last year.
“Power projects are essential as it fuels the ‘Build, Build, Build’ program of the government and the demands of a growing population. There are big power projects that will complement the infrastructure projects in the coming months even as we exercise due diligence for projects that are deserving of incentives. At the end of the day, we have to ensure our power supply will accommodate the strong demand, not only of our massive infrastructure projects and population but also the rapid expansion of our industries, led by the manufacturing sector,” Trade Undersecretary and BOI Managing Head Ceferino Rodolfo said.
He added that for the month of May, several manufacturing and service facilities got the nod of the board. Among these are the P700-million shipping project of Southwest Gallant Ferries, Inc., which will service the Batangas, Romblon and Roxas City routes; the P400-million Cavendish banana facility of Tren2 Agri-Industries in Agusan del Su;; and eight low-cost housing projects worth P2 billion in Calabarzon and Central Luzon.
Region 4-A (Calabarzon) remains the top investment destination with P200.9 billion, followed by Region 3 (Central Luzon), with P27.1 billion; and the National Capital Region (NCR) with PHP7.9 billion. Completing the top five are Region 7 (Central Visayas) with P5.7 billion; and Region 2 (Cagayan Valley) with P4.4 billion.
“We will continue to spread economic development in the regions as records show barely 3 percent of investments are located in the NCR with the rest (97 percent) going to the countryside,” Rodolfo said.