The Board of Investments (BOI) posted investment approvals of P466.03B in 2013, up 29% from the P360.35B recorded in 2012. Over 282 projects were approved and are expected to generate 38,100 jobs when fully operational. Sustained interest from domestic investments registered P345.39B or 74% of the aggregate investment figure with the remaining 26% or Php120.65B coming from foreign sources which have continued to remain bullish and upbeat, reflecting an increase of 63% from 2012. “What we aim for, however, are investments in sectors to directly impact on the generation of more stable and decent jobs,” Trade and Industry Undersecretary and BOI Managing Head Adrian S. Cristobal Jr. “In terms of sectors, the growth drivers will most likely be the whole manufacturing sector, construction, BPOs, telecommunications, wholesale and retail trade, consumer durables, housing, and tourism,” Cristobal added. Foreign direct investments (FDIs) are expected to continue to steadily increase with focused interest on the country’s political and economic stability, while strong consumption of the domestic market, reconstruction and infrastructure spending, the country’s stable macroeconomic condition, among others, will drive growth in the domestic front. Domestic Investments The increase in domestic investments came as a result of the approval of big power projects like Redondo Peninsula Energy, Inc. (P62.86B), GNPower Ltd. Co., Pagbilao Energy Corporation (P39.90B), San Miguel Consolidated Power Corporation (P25.84B), FDC Misamis Power Corporation (P31.94B), SMC Consolidated Power Corporation (P25.51B), First Natgas Power Corp. (P21.83B), Minenergy Coal Corporation (P14.55B) and Petron Corporation (P11.18B), among others. As expected, such power projects largely made up the electricity, gas, steam and air conditioning supply sectors, which recorded the biggest share of investment commitments at P331.10B or 71% of the total figure, followed by transportation and storage with P67.66B (or 15-% share), real estate activities, specifically, the mass housing sub-sector with P42.10B (or 9-% share), manufacturing sector with P13.79B (or 3-% share) and the accommodation and food service activities composed primarily of hotels, resorts and other accommodation facilities with P4.81B (or 1-% share). Foreign Investments The British Virgin Islands (BVI) topped the foreign list with committed investments worth P61.51B or 51-% share of the total foreign investments in 2013. The notable project from BVI is the approval of Energy City Philippines Holdings, Inc. (100% BVI) located in Bataan, with investments worth P45.65B. The United States came in second with investments amounting to P41.76B or 35% of the total investment approvals from foreign sources during the period. The bulk of these investments were from the approved project of GNPower Limited Co. with P41.23B (80-% share), a 100% American-owned company, for the operation of its 2X150MW coal-fired power plant (GNPower Phase II project) in Mariveles, Bataan. The Netherlands placed third with P5.98B (5-% share), followed by South Korea (P2.26B or 2-% share), and Australia (P1.82B or 2-% share) rounding up the top five.