The Board of Investments (BOI) breached its full-year target of P1 trillion as of October, reaching a record P1.040 trillion in investment approvals.
The investment was boosted by a single project, Dito Telecommunity Corp.’s P210-billion project as the third major telecom player.
The 10-month figure is up 139.6 percent from P434 billion in the same period last year.
Foreign investments accounted for P330.9 billion, a 9-fold increase from just P36 billion in 2018.
Local investments hit P709.1 billion, up 78.2 percent
By nationality, Singapore remains the biggest foreign investor to date with P170 billion in capital; China now at second with P84.9 billion and
South Korea, third with P39.1 billion.
Projects registered as of October will create 52,554 jobs once in commercial operation.
For October alone, total projects reached P275.2 billion, a 351 percent improvement from October last year.
Growth in the power sector remain steady with P383.2 billion or a 119.3 percent jump from P174.7 billion a year ago.
Among regions, Calabarzon (Region IVA) is still dominant with P372.8 billion in investment approvals.