BOI eyes 22% hike in pledges in 2021

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    The Board of Investments (BOI) is eyeing P1.25 trillion in approved projects this year, an increase of 22 percent from P1.02 trillion in actual approvals in 2020.

    This represents a turnaround as BOI pledges fell 11 percent in 2020 from 2019.

    Last year, the BOI approved 311 projects which once operational will generate 55,124 jobs.

    Based on the final report, domestic investments accounted for P968.45 billion or 95.3 percent of the total approved investments while foreign investments reached P47.7 billion led by the United States, P11.2 billion; the Netherlands P 2.7 billion and; Singapore.

    The BOI’s approval in of Excellent Energy Resources Inc.’s two power projects in Batangas worth P41.7 billion and P36.6 billion and WAWAJVCO Inc.’s water supply project in Wawa Dam worth P24.5 billion boosted its overall performance for the year.

    Central Luzon topped all regions in 2020 with P576.1 billion attributed to the Bulacan airport project.