Palace welcomes BOI-approved investment pledges in Q1

Malacañang has welcomed a Board of Investments (BOI) report that country had double-digit growth in the first quarter (Q1) for investment pledges supported by registrations on big-ticket projects in the energy sector.

Deputy Malacañang Spokeswoman Abigail Valte said the country’s investment pledges in the first quarter of the year was up by 17 percent to P54.62-billion from P46.7 billion last year.

A total of 59 projects were approved in the first quarter, according to Valte and with these pledges, the administration could generate more jobs.

“These 59 projects are expected to generate 18,174 jobs for our countrymen. So, again, very good news from the BOI and the Department of Trade and Industry,” she told dzRB Radyo Ng Bayan on Saturday.

The DTI attributed the higher figures in the first quarter to the approval of big-ticket projects listed under the electricity, gas, steam and air conditioning supply sector.

The sector generated P13.76 billion in approved investments, up 30 percent from last year’s comparable figure of P10.55 billion, the DTI said.

But it was the manufacturing sector that posted the biggest growth, as investments shot up by a tremendous 517 percent from P2.1 billion to P12.9 billion.

In the transportation and storage sector, approved investments grew by 134 percent from P4.47 billion to P10.48 billion, and in the information and communication sector, investments posted a remarkable increase of 841 percent from P496.7 million to P4.67 billion.

The agriculture, forestry, and fishing also posted some growth from last year having P198 million this year. The education sector on the other hand now has P1.4 billion worth of projects. PNA