Investment commitments surged 187 percent in October to P27.6 billion from just P9.6 billion in the same month last year, the Board of Investments said Wednesday.
Data from BoI showed total investment approvals in the first 10 months, hit P408.7 billion, up 38 percent from the same period in 2016.
“We remain bullish in attracting more investments in the last two months of the year as the infrastructure program of the government is now in full swing,” said Trade Secretary and BoI chairman Ramon Lopez.
“The successful hosting by the country of the Asean 2017 and the 6.9 percent GDP growth [in the third quarter] will sustain the momentum on investments as the year comes to a close and will surely carry over to the new year with greater opportunities,” Lopez said.
The BoI approved 369 projects in January to October, up by 30 percent from 283 projects a year ago. These projects are expected to generate 69,862 jobs once they are fully operational, representing an increase of 35.1 percent from the jobs that were anticipated from investment approvals last year.
Trade undersecretary and BoI managing head Ceferino Rodolfo said the investment promotion agency remained bullish on hitting the P500-billion investment target for the year.
“We are on track of achieving our P500 billion for the year as a slew of projects in the pipeline are expected to make the cut,” Rodolfo said.
He said the 10-month figure had not yet counted several pending projects in manufacturing, services, retail and real estate, which were the main drivers of growth in the third quarter.
Among the pending projects are those under feasibility studies, joint venture partnerships and site selection in strategic heavy industries, power generation and manufacturing.
Data from the Philippine Statistics Authority showed the manufacturing sector expanded 9.4 percent in the third quarter and contributed 22.4 percent to the aggregate 6.9-percent gross domestic product growth in the period.
The industry posted the fastest growth rate at 7.5 percent in the third quarter, while the services and agriculture sectors posted growth rates of 7.1 percent and 2.5 percent, respectively.
Renewable and power projects remained the biggest source of investments with P128.9 billion in the first 10 months, while construction and PPP projects followed with P127.7 billion, up 105 percent from P62.3 billion last year.
Real estate activities registered P78.3 billion, up 90.1 percent from P41.1 billion in 2016. Manufacturing investments grew 81.7 percent to P38.5 billion from P21.2 billion a year earlier.
Transportation and storage remained steady at P13.3 billion while accommodation and food service posted the highest growth of 268.5 percent to P11.3 billion from P3 billion in the same period in 2016.
Calabarzon recorded the highest investments among regions with P150.9 billion, up 341 from P34.2 billion last year.
Central Luzon registered P115.1 billion, a 138 percent increase from last year’s P48.3 billion while investments in the National Capital Region declined 43 percent to P42.5 billion from P74.3 billion.