BOI pledges double

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    Investments registered with the Board of Investments (BOI) more than doubled to P764.7 billion in the first nine months of the year from P372.9 billion in the same period last year.

    Data from the BOI showed in September alone, the agency registered P155.7 billion worth of projects, up 50.3 percent from P103.6 billion in the same month last year.

    One single project boosted September approvals, the P130-billion 1200-megawatt Quezon coal-fired power plant in Tagkawayan town of Orion Pacific Prime Energy Inc., a Korean-Filipino company.

    Once operational, the projects in the nine-month period will generate employment of 41,862.

    The manufacturing sector attracted P63.5 billion worth of investments, up 190 percent from just P21.9 billion last year.

    The BOI said investments from locals for the nine-month period accounted for 68.6 percent of total registrations at P524.9 billion, 54.7 percent higher than the P339.3 billion registered in the same period in 2018.

    But foreign investments surged 613 percent to P239.9 billion from P33.6 billion a year ago.

    Singapore is the top source of foreign investments at P170 billion followed by Korea at P34.1 billion at second and the Netherlands at third, P9.2 billion.

    Ninety-eight percent of total pledges are expected to be poured in the National Capital Region at P750.9 billion with Calabarzon getting the lion’s share of P354 billion.