BOI reported it generated a total of P609.04 billion worth of investments in the first 8 months this year or more than double the P269.3 billion approved in the same period last year.
ISOC Asia Telecom Towers, Inc. registered its P141.1-billion project to construct 25,000 cellular towers in the country. The 3-phase project of Philippines Fiber Optic Cable Network Ltd., Inc. with investment commitment of P134.5 billion was also approved by the BOI. The company’s fiber optic cable would cover around 60,000 kilometers. The BOI also approved the P16.7- billion cement facility of Republic Cement and Building Materials, Inc. in Rizal.
According to BOI, 98 percent of the registered investments are located outside of Metro Manila. Projected employment upon operations will reach 37,524 personnel, a 30.5 percent improvement from 28,743 recorded in January to August 2018. Broken down, investment approvals in August alone reached P296.2 billion, a 1,640.9 percent jump from just P17 billion in August 2018. “The August figure of investment approvals nearly matches investments approved for the first seven months of 2019, amounting to P312.8 billion. This shows big-ticket projects have begun to roll in and proves that the Philippine economy remains resilient in attracting investors despite the global slowdown,” Trade Secretary and BOI Chairman Ramon M. Lopez said.
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