PROJECTS approved by the Board of Investments (BOI) soared to P312.8 billion from January to July this year, with Central Visayas ranking as fifth investment destination in the country.
Official data showed Central Visayas, which has one of the fastest growing economies in the country, registered P9.4 billion in approved investments during the period.
The country posted a 24 percent increase in approved investments from the same period last year.
In 2018, BOI-approved investments in Central Visayas—which includes Cebu, Negros Oriental, Bohol and Siquijor—soared to P61 billion, up from P27.1 billion in 2017.
In a statement, Trade Secretary and BOI Chairman Ramon Lopez said that investors have continued to signal their strong confidence in the Philippine economy despite the challenges generated by the global tensions among nations.
“This growth was still resilient enough to withstand the global demand downturn brought about by the lingering trade dispute between the US and China, the trade spat between Japan and South Korea, and other geopolitical tensions. We remain among the fastest growing economies in Asia and we are among the few countries to even register a 1.5 percent export growth in July,” Lopez said.
Approved foreign investments nationwide hit P69.6 billion through July, posting a 348 percent upturn while local investments remained upward at P243.2billion, a 2.7 percent jump from last year.
According to Lopez, the country has managed to offset the impact of global trade tensions by diversifying its markets while ensuring the domestic base remains strong and on the upswing.
“Despite the obstacles to global trade, we have to adapt as we make a push for our domestic industries to grow and move forward,” he noted. (CSL)