CEBU CITY — Investment commitments made with the Board of Investments (BOI) and Philippine Economic Zone Authority (PEZA) increased 57% to P450 billion as of September this year, BOI Governor Geronimo D. Sta. Ana said during a press conference here yesterday. He said that local investors committed P379.06 billion, or 84% of total investments. Foreign investors, on the other hand, contributed P70.99 billion, or 16%.
Mr. Sta. Ana, reading from a report of PEZA enterprise regulations and support services group general manager Leonisa E. Suarez and BoI management services group executive director Efren V. Leano, said the P450 billion worth of investments translate to 712 approved projects.
“This is good news. It shows a sharp increase in investments in the country,” he said during the press conference held after a Philippine Economic Briefing in Cebu City initiated by the Bangko Sentral ng Pilipinas (BSP).
The biggest project, said the BOI and PEZA report, was Petron Corp.’s modernization of its Bataan oil refinery project worth P74.783 million.
Also worth mentioning, according to the report, is the homegrown New Carcar Manufacturing Inc., which committed P10.57 million worth of investments. The company’s steel billet production facilities will be set up in La Union, Cebu, Panabo City, and Davao del Norte.
The BOI’s investment projects make up P328.42 billion, up 60% from last year’s P205.89 billion, while PEZA contributed P121.64 billion, up 51% from P80.62 billion in the same period last year.
When fully operational, the approved projects will result in the creation of 125,531 new jobs, 49% more than the 84,520 created a year ago.
Mr. Sta. Ana said the manufacturing sector had the highest committed investments at P143.32 billion, a sharp increase of 222% from the P44.58 billion posted in the same period last year.
Real estate came in second, with P119.06 billion, followed by electricity, gas, steam and air with P100.42 billion, and mining and quarrying with P62.85 billion in approved investments for the first nine months of the year.
The mining sector, added the report, posted the highest increase at 6,134%. Last year’s mining investments from January to September were valued at only P1.01 billion.
Among the regions, Region 4 cornered the highest total investments at P94.64 billion, which comprised 21% of the nationwide figure. Region 3 ranked second with its 19% share of P87.49 billion, while the National Capital Region was third with its 17% share translating to P77.24 billion.
According to the report, significant investments were also committed in Region 13 at P87.49 billion and Region 11 at P39.03 billion. Other regions accounted for 23% of total investments as of September.
Meanwhile, Japan poured in the biggest total investment at P19.85 billion among the foreign investors. It was followed by the US with P16.27 billion, and the Netherlands with P9.38 billion.
Central Visayas, lumped together with other regions in the report, has quite a small share, said Mr. Sta. Ana. He said more should be done to increase investments in Region 7.
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By: Marlen D. Limpag
Source: Business World, Nov. 4, 2011
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