BOI-approved investments up 25 pct in Jan-Sept
MANILA, Philippines - Investments approved by the Board of Investments (BOI) jumped 25% in the first 9 months of the year, mostly due to big power projects.
In a statement, the BOI said investment approvals reached P309.7 billion in the January to September period, from P248.2 billion a year ago.
The bulk of the approved investments came from local investors, P258.7 billion, 12% higher than a year ago. Foreign investors pledged P51 billion, 185% higher than a year ago.
US investors committed investments of P41.7 billion, which represent 82% of the total investment nods from foreign sources. The biggest one is US-owned GNPower Limited Co.'s P41.23 billion 600 MW power project in Bataan.
South Korea committed P2.26 billion in investments, mostly from P803 million capital in Mirae Asia Energy Corporation's solar project in Ilocos Norte and the P284 million infusion in Daesang Ricor Corporation's glucose syrup project in Cagayan de Oro City.
Australia committed P1.79 billion, mostly from Australian firm Mindanao Mineral Processing and Refining Corporation's P1.78 billion investment.
Netherlands also committed P1.33 billion in investments through Philnewenergy's solar power project in Davao del Sur. Singapore contributed P492.1 million in investments.
The BOI attributed the increase to the approval of several big power projects, such as GNPower's P41.23 billion plant in Bataan; Pagbilao Energy Corporation's P39.9 billion coal plant and FDC Misamis Power's P31.9 billion coal plant.
Other significant power projects approved during the period are the P25.84 billion coal-fired power project of San Miguel Consolidated Power Corp. in Malita, Davao del Sur n and SMC Consolidated Power's coal-fired power plant in Limay, Bataan worth P25.51 billion.
"These power projects upon fully operational are crucial in sustaining the power needs of the country’s modernization and industrialization in the years ahead," Trade Undersecretary and BOI managing head Adrian Cristobal said.