MANILA, Nov. 8 (Xinhua) -- The Philippine Board of Investments (BOI) said on Friday it has recorded cumulative investments worth 764.7 billion pesos (roughly 15.14 U.S. dollars) as of September 2019, a 105 percent increase from 327.9 billion pesos (roughly 6.50 billion U.S. dollars) approved in the same period of 2018.
"The sustained high growth of investments is a proof of the business sector's strong confidence in both the Philippines' economic fundamentals as further shown by the acceleration of the third-quarter gross domestic product (GDP) growth to 6.2 percent and the reform agenda of President Rodrigo Duterte," Philippine Trade Secretary and BOI Chairman Ramon Lopez said.
The BOI said approved investments from domestic sources topped 524.9 billion pesos (10.40 billion U.S. dollars), a 54.7 percent increase from 339.3 billion pesos (roughly 6.7 billion U.S. dollars) in the same period in 2018.
On the other hand, the BOI said approved projects by foreign investors amounted to 239.9 billion pesos (roughly 4.8 billion U.S. dollars) or 613 percent increase from just 33.6 billion pesos (roughly 665.7 million U.S. dollars) a year ago.
According to the BOI, Singapore continues to set the pace among all foreign entities with 170 billion pesos (roughly 3.37 billion U.S. dollars) in the capital. It added that South Korea is now second with 34.1 billion pesos (roughly 675.62 million U.S. dollars), while The Netherlands places third with 9.2 billion pesos (roughly 182.3 million U.S. dollars).
According to the BOI, all projects once operational will generate employment of 41,862, which is 38.5 percent higher than last year's figure of 30,218.
"We are particularly pleased to highlight that the share of foreign investments in BOI projects have increased from just eight percent during January to September 2018, to already 31.4 percent this year," Lopez added.
This is expected to continue as Lopez noted that Duterte's policy of furthering relations with non-traditional partners has been yielding results.
Philippine Trade Undersecretary and BOI Managing Head Ceferino Rodolfo said investments from the information and communications technology (ICT) and power sectors accounted for 85 percent of the total figure or 652.9 billion pesos (roughly 12.94 billion U.S. dollars).
"This massive infrastructure buildup for more power and connectivity across the archipelago is critical towards addressing binding constraints to the Philippines' competitiveness," he added.
