BOI investment pledges fall sharply

Investment approvals from the Board of Investments (BOI) declined by 48 percent from January to November compared to a year ago, making it more likely that the goal of hitting ₱1.75 trillion in investments is now out of reach.

- BY DEXTER BARRO II

The BOI approved P816.81-billion worth of investments during the 11-month period, or about half of the ₱1.58 trillion registered last year.

These end-November investments cleared by the government's lead investment promotion agency (IPA) cover 261 projects, which are expected to generate 32,864 jobs. The BOI also grants tax and non-tax incentives to qualified investors.

The energy and electricity sector received the largest share of investments, amounting to ₱479.78 billion, or 59 percent of the total haul.

Projects related to airports and seaports totaled ₱95.69 billion, followed by manufacturing at ₱58.99 billion, mass housing at ₱37.55 billion, and information and communication at ₱21.27 billion.

By region, Calabarzon drew the highest amount of BOI-approved investments over the first 11 months with ₱244.86 billion, more than double Metro Manila's capital inflow of ₱120.77 billion.