The Board of Investments (BOI) registered P137 billion in investments from January to March, an increase of 65 percent from P83 billion in the same period in 2020.
Trade Secretary Ramon Lopez, BOI managing head, in his presentation to the Cabinet Wednesday night, the investments would generate 12,013 employment, 13 percent more than the 10,605 jobs created by the projects registered a year ago.
Lopez said the BOI targets to hit P1.25 trillion in investments tis year, an increase of 22 percent from P1.02 trillion registered in 2020.
While last year’s performance was slightly lower than the P1.14 trillion in 2019, Lopez considers 2020 performance a feat considering the lockdown and the pandemic that marked the most part of period.
The year 2019 marked the first time hit the trillion-peso mark in project approvals.
Despite the pandemic, Lopez said, businesses continued to invest in mid-to-long-term strategic projects particularly in infrastructure such as road, ports and telecoms as well as water and power.