DOUBLE-DIGIT GROWTH FOR INVESTMENTS IN RP
MANILA, SEPTEMBER 3, 2007 (STAR) By Ma. Eliza Osorio - The Board of Investments (BOI) and the Philippine Economic Zone Authority (PEZA) reported a 28 percent growth in investments from January to July with the manufacturing and service sector attracting more business.
Combined investments for the two state-led promotion agencies showed a 28 percent increase to P149.07 billion compared to the same period the previous year.
For July alone, investment commitments hit P18.82 billion, 17.52 percent higher than the P16 billion recorded for the same period in 2006.
Trade Undersecretary Elmer Hernandez, who is also BOI managing head, said 67.83 percent of the investments came from the manufacturing and services sector. The investment for the two sectors reached P101.12 billion.
PEZA registered projects were greater than the BoI registered projects. PEZA investments were at P81.06 billion while BoI projects amounted to P68.01 billion.
Data showed that 443 projects were approved for the first seven months of the year. The projects created over 80,000 new jobs.
Hernandez identified the top investors as SN Aboitiz Power Inc., and the Lopez-led First Gen Corp.
Aboitiz put in P27.93 billion to rehabilitate the 360-megawatt Magat hydroelectric power plant in Isabela while First Gen poured in P7.72 billion to upgrade the 112-MW Pantabangan/Masiway hydroelectric complex in Nueva Ecija.
He said most investors were involved in the development of Philippine economic zones including the Sultan Energy Philippines Corp., worth P2.19 billion; Yamaha Motor Philippines Inc., worth P2.11 billion; and Treasure Steelworks Corp., worth P632 million.
Meanwhile, information technology investments increased by 60.51 percent to P10.21 billion from P6.36 billion a year ago.
Foreign investments likewise rose by 47.18 percent to P75.94 billion from P51.6 billion the previous year. Domestic investments was slightly higher by 13.08 percent this year to P73.13 billion from P64.67 billion.
Most businesses came from the United States with commitments of P27.3 billion, followed by Japanese, P18 billion; and Norwegians, P11.17 billion.
Chief News Editor: Sol Jose Vanzi
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