Despite the chaotic global political environment, the Philippine economy seems unharmed with the expected surge of investments in the coming months.
Around Php 52-billion worth of projects are expected to be invested “in the coming months,” according to the Philippine Board of Investments (BOI), as it awaits approval of “about 44 projects.”
“More investments mean more jobs, ensuring economic development from the bottom of the pyramid,” Trade Secretary and BOI chairman Ramon Lopez said.
Majority of the projects will be coming from the energy sector (57 percent), followed by manufacturing (15 percent) and agriculture (12 percent). Investments for the real estate and transport industries are also expected.
In October, BOI reported a strong performance for the country, as investment pledges rose by 49 percent year-on-year, Php 286.44 billion in the first nine months.
The positive sentiment generated 46,716 full-time jobs according to Department of Trade and Industry, most of which coming from power, construction and real estate sectors.
Lopez said the agency is expected to end the year with a 10 to 15 percent increase in pledges.