BOI, PEZA approvals hit P12.8Bn
Investment approvals from the country’s top investment promotion agencies (IPAs) — namely, the Board of Investments (BOI) and the Philippine Economic Zone Authority (PEZA) — hit PHP12.82 billion (US$248 million) during January to February 2022
Out of this joint amount, PHP7.55 billion (US$146 million) were from the BOI and PHP5.27 billion (US$102 million) were registered under PEZA.
In terms of different industries, 39.9% or PHP5.12 billion (US$99 million) of registered projects came from real estate activities, followed by electricity, gas, steam and air-conditioning supply with PHP5.09 billion (US$98 million) and manufacturing with PHP1.50 billion (US$29 million) .
In terms of approved foreign investments, Singapore came up on top with P1.32 billion (US$25 million), followed by Japan with P310 million (US$6 million); British Virgin Islands, P220 million (US$4 million).
However, though this may look like a huge amount especially coming from the pandemic, government data showed that the current figure is lower by 90.4% compared to last year’s PHP133.24 billion (US$2.5 billion) .
Despite the big downgrade, both BOI and PEZA are hoping to open 4,847 jobs out of all these registered projects.
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