The Board of Investments said it is on track to meet its P500-billion investment target this year, after approved projects increased 30 percent to P272.7 billion as of mid-July from P210.4 billion a year ago.
Trade Undersecretary and BOI managing director Ceferino Rodolfo said the agency was expecting an additional P18 billion worth of projects for approval by end-July.
“We still have more projects in the pipeline worth around P18 billion and is expected to be approved before July ends,” he said.
The BOI said investments in the first seven months would likely reach P290 billion representing nearly 60 percent the agency’s full-year goal of P500 billion in 2017.
“This year is our 50th founding anniversary. We are on pace to achieve that mark,” Rodolfo said.
One of the big ticket projects up for approval is a multi-billion integrated cement project, he said.
Total employment to be generated upon full operations of approved projects reached 56,056, or 50 percent higher than 37,487 jobs created in the same period last year.
The number of registered projects also increased 25 percent to 245 from 192. The recent approval of P79 billion MRT-7 project of San Miguel Corp. lifted the investment registration projects this year.
The project involves the construction of a 23-kilometer elevated railway with 14 stations from San Jose Del Monte City in Bulacan province to MRT 3 North Ave. in Quezon City and a 22-kilometer asphalt road from Bocaue Interchange of the North Luzon Expressway to the intermodal terminal in Tala.
The road component is expected to divert northern provincial buses operation to San Jose Del Monte, decongesting Edsa and dispersing economic activities.