MANILA - Investments approved by the Board of Investments (BOI) reached P367 billion in 2015, up by 3 percent from the P355 billion posted in 2014.
The BOI, the industry development and investments promotion arm of the Department of Trade and Industry (DTI), said the increase was mainly because of big power projects.
These projects include several hydro and coal-fired power plants that account for more than half of the total, and have a total generating capacity of 2,100 megawatts.
"The increase in power investment projects augurs well for the country's goal to ensure energy security and independence. These investments support the Philippine Energy Plan (PEP) 2010-2030 to search for, discover, and further develop energy sources," BOI managing head Ceferino Rodolfo said in a statement.
The PEP shows that the country needs at least P3 trillion in fresh investments to attain the goal.
The country's manufacturing sector also contributed to the increase in investments which reached P27.01 billion from P24.47 billion in 2014.
"The continued growth of the manufacturing industry is a clear indication of the efforts to boost the growth and further development of the sector through the Manufacturing Resurgence
Program (MRP)," Rodolfo said.