BOI-approved investments surge in February


Posted at Mar 28 2014 04:47 PM | Updated as of Mar 29 2014 12:47 AM

MANILA, Philippines - The Board of Investments said total investment approvals reached P22.5 billion in February, 140 percent higher than the P9.39 billion in the same month in 2013.

Domestic investments surged 148% in February to reach P21.93 billion from P8.84 billion for the same period in the previous year.

On the other hand, recorded foreign investments reached P572.73 million in February, 5% higher than P545.90 million in the same month last year.

Among the BOI-approved projects are P5.57 billion Prime Meridian Powergen Corp.’s 115 megawatt (MW) San Gabriel Avion natural gas-fired power plant in Batangas City and SM Development Corp.’s low-cost mass housing projects in Pasay City (P8.75 billion) and in Quezon City (P2.54 billion).

The BOI also green-lighted Bright Future Educational Facilities, Inc.'s P2.55 billion Public-Private Partnership (PPP) project for school infrastructure in Region 1.

Among sectors, real estate and construction grabbed the bulk of investment approvals with P13.84 billion (61% share), followed by the Electricity, Gas, Steam & Air Conditioning Supply sector with P5.57 billion (25% share). The Construction sector came in with P2.55 billion in investment approvals, while the manufacturing sector accounted for P465.25 million.

The National Capital Region (NCR) received the most number of investments with P13.85 billion worth of approved projects.