The Board of Investments (BOI) saw investment pledges it had approved in the first quarter jump by 60 percent to P243 billion from year-ago level, recovering the drop seen last February.
This is higher than the P152.1 billion reported in the same quarter a year ago, the BOI said in a statement.
The latest figure marked a quick and solid recovery from the 23-percent decline in pledges in the first two months of the year. In February alone, pledges fell by 95 percent to only P3.8 billion.
The BOI did not say how much was approved for March alone. However, it had a relatively lower base in March last year when investment registration dropped by 50.91 percent to P20.507 billion.
Domestic investments accounted for the bulk of the projects at P212.2 billion, up 40 percent from last year’s P151.3 billion. Foreign investments amounted to P30.8 billion.
“After generating a record-breaking P915 billion in approved investments last year, we are still sustaining the momentum this year due to steady, strong and positive investor sentiment here and abroad,” said Trade Secretary and BOI Chair Ramon Lopez.
“We expect the growth to continue for the rest of the year as we aim to approve at least P1 trillion in total investments,” he added.
Read more: Philippine Daily Inquirer
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