Department of Trade and Industry (DTI) Secretary and BOI Chairman Ramon Lopez said Wednesday iInvestment approvals at the Board of Investments (BOI) surged by 156 percent in the first two months of the year compared to the same period in 2020,
“Investments registered with BOI showed sustained growth of 156.02 percent year-on-year in the first two months of this year, reaching P121.93 billion or US$2.5 billion for two months,” Lopez said at the online Manila Forum of the Association of Philippines and China Understanding.
Records show that from January to February 2020, BOI approved P47.63 billion worth of investments only from 51 projects. The number of projects, however, went down by 39% as these investments came from 31 projects from January to February this year, but the investment figures soared high.
In terms of job generation, Lopez said the P121.93 billion investments will generate some 10,207 jobs in the future, even as job generation in the first two months of 2021 went up by 41.59% higher only from the 7,209 employment in the same period last year.
The DTI Secretary noted that majority of the approved investments worth P115.72 billion came from Philippine-based corporations, while investments from foreign sources amounted to P6.21 billion only.