The country’s four major investment promotion agencies (IPAs) recorded PhP 300.91 billion approved investments for the first semester of 2013, a 39% increase from the PhP 216.19 billion in the same period last year.
Among the four agencies, the Board of Investments (BOI) posted the highest investment commitments worth PhP 201.9 billion, a 22% increase from last year, followed by the Philippine Economic Zone Authority (PEZA) with PhP 83.69billion, a 92% increase compared to last year. Both are attached agencies of the DTI.
Meanwhile, the Subic Bay Metropolitan Authority (SBMA) reported a remarkable 440% increase of approved investments to PhP 13.95 billion this year, a big part of which is from the Php 21.3 billion resort complex, theme park, and golf course projects of Resom Resorts Phils Inc.
On the other hand, the Clark Development Corporation posted PhP 1.37 Billion approved investment on the first half of 2013, a 73% decline which is expected due to repricing the structure of its lease rates and re-evaluation of the optimal use of remaining liable Clark areas.
Local investors led in the BOI and PEZA investment approvals with PhP 193.68 billion, 14% higher from PhP 170.63 billion last year, while foreign investors committed PhP 91.91 billion, up 139% against PhP 38.49 billion last year.
The increase in investment commitments is attributed to the government’s effort to address issues that affect the business sector, such as corruption, infrastructure and the business environment leading to improved investor confidence in the country.
The top five sources of foreign investment commitments on the BOI and PEZA approval list was topped by the United States with PhP 43.64 billion, followed by British Virgin Islands with PhP 20.62 billion.
Japan ranked 3rd hitting PhP 9.34 billion while investment pledges from Netherlands and Australia also increased in the first half of 2013 with PhP 5.99 billion and PhP 2.19 billion, respectively, beating previous performers such as South Korea, Singapore and People’s Republic of China.
Once fully operational, the investments registered with the IPAs in the first half of 2013 is expected to generate 77,892 more jobs, a 17% increase from 66, 416 jobs committed during the same period last year. (END)
Source: DTI Public Relations Office