BOI clears ₧950-B investments in 6 mos
T MARCOS SEALS HISTORIC DAM DEAL President Ferdinand R. Marcos Jr. leads the ceremonial pressing of the button to close the bottom valve of Wawa Dam, the biggest water source project in 50 years. The President is joined by Special Assistant to the President Secretary Anton Lagdameo (left) with Department of Environment and Natural Resources (DENR) Secretary Maria Antonia Yulo-Loyzaga. Prime Infrastructure Capital Inc. (Prime Infra) President and CEO Guillaume Lucci (second to the right) and Metropolitan Waterworks and Sewerage System (MWSS) Administrator Leonor Cleofas (right) also participated in the event. PHOTO FROM OP-PCO
ROTARY CLUB OF MANILA JOURNALISM AWARDS
2006 National Newspaper of the Year 2011 National Newspaper of the Year 2013 Business Newspaper of the Year 2017 Business Newspaper of the Year 2019 Business Newspaper of the Year 2021 Pro Patria Award PHILIPPINE STATISTICS AUTHORITY 2018 Data Champion
HE Department of Trade and Industry (DTI) said the Board of Investments (BOI) approved P950 billion in investments in the first half of the year, describing the figure as the highest first-semester approvals in its 57-year history. DTI said the P950-billion investment approvals represents a 36-percent increase from the P698 -billion investments approved in the January to June period of 2023. The parent agency of BOI said 30 percent of the approved investments are foreign investments amounting to P286 billion. According to the Trade department, renewable energy investments “significantly” dominate
the investment landscape, with electricity, gas, steam, and air conditioning supply sector drawing 96.3 percent of the approved investments pie. Among these was the P297billion investment by Ahunan Power Inc. in Calabarzon. In May 2024, the investment promotion agency reported that several large-scale BOI-approved projects further “energized” the investment landscape. “Solar Solutions Inc. led with a substantial P150-billion initiative in Calabarzon to expand solar energy capacity. Close on its heels was BlueWave Energy, with a P120-billion investment approval for Central Luzon, focusing on offshore wind energy
development,” DTI, the parent agency of BOI said in its statement on Thursday. Meanwhile, Region IV-A or Calabarzon received the highest regional investment approval, with P592 billion, a 262-percent increase from the previous year. Other regions, including Western Visayas (Region VI) and Central Luzon (Region III), also saw “vital ” investment approvals, said DTI. In addition, it noted that May 2024 witnessed approvals for “substantial” foreign equity investments. “Energy Global International from Germany made a notable P85-billion investment in a new manufacturing facility in Cala-
barzon,” said DTI. Similarly, the French firm Hydropower Ventures got approval for a P75-billion investment in hydroelectric power developments in Northern Mindanao. Meanwhile, DTI noted the investment pattern which also ref lects “notable international confidence,” particularly from Switzerland and the Netherlands. DTI said Switzerland is the leading foreign investor, with significant projects such as wind energy developments by Jet Stream Windkraft Corporation and Triconti Southwind Corporation, each investing approximately P115 billion.
BusinessMirror A broader look at today’s business
www.businessmirror.com.ph
Friday, July 12, 2024 Vol. 19 No. 269
See “BOI,” A2
EJAP JOURNALISM AWARDS
BUSINESS NEWS SOURCE OF THE YEAR
(2017, 2018, 2019, 2020, 2021) DEPARTMENT OF SCIENCE AND TECHNOLOGY
2018 BANTOG MEDIA AWARDS
P25.00 nationwide | 2 sections 30 pages | 7 days a week
PHL TAGGED ‘EMERGING’ n
MANUFACTURING HUB By Andrea E. San Juan
T
@andreasanjuan
HE Philippines is among the “emerging” manufacturing hotspots in Southeast Asia amid the supply chain diversification in the region, according to global commercial real estate and investment management firm JLL. According to JLL’s analysis, emerging manufacturing hotspots are implementing more policies that aim to boost their local manufacturing industries, placing a premium on land availability and access to capital sources. For the Philippines, JLL underscored that it is one of the seven countries that the USA partnered with in line with their CHIPS Act, which aims to expand and diversify the US’ semiconductor supply chain. Key products in this area are integrated circuits, RF/microwave, and assembly and testing services, JLL said. Moreover, the real estate and investment management firm said Semiconductor and Electronics Industries in the Philippines Foundation Inc. (Seipi) reported an “all-time high” of electronics exports of $49.1 billion in 2022. Key products in this area are consumer and industrial electronics, as well as telecommunication equipment. See “PHL,” A2
SCAN AND GO A passenger uses the e-travel system barcode scanner to display all the information from the Customs Baggage Declaration. The “Enhanced e-Travel System,” launched at Naia Terminal 1, aims to create a more efficient and secure travel experience. This system, developed by DICT, BOC, BI, DMW and DOT, generates a single QR code to minimize waiting time, streamline the travel process, ease airport congestion, and advance inter-agency coordination through real-time data sharing. NONIE REYES
DTI TO REVIEW IRON AND STEEL INDUSTRY PLAN
T
HE De pa r t ment of Trade and Industr y (DTI) said it will “thoroughly” review the Iron and Steel Industry Roadmap to address the supply chain gaps and build a competitive domestic steel industry. Heeding the call of President Ferdinand R. Marcos Jr. to update the iron and steel roadmap, Trade and Industry Secretary Alfredo E. Pascual said in a statement sent to reporters on Thursday, “As the President emphasized,
addressing supply chain gaps is essential to building a resilient and competitive domestic steel industry.” In response, Pascual said the DTI, in close collaboration with other relevant agencies, will “thoroughly review the Iron and Steel Industry Roadmap.” The country’s trade chief also noted that DTI is committed to working with all stakeholders, including steel See “DTI,” A2
New challenge to NG: Keep fiscal consolidation going By Reine Juvierre Alberto
A
@reine_alberto
S the Philippines’s debt trajectory declines, the national government is faced with the challenge of sustaining its medium-term fiscal consolidation plan, according to GlobalSource Partners. In a report, former Bangko Sentral ng Pilipinas (BSP) Deputy Governor Diwa Guinigundo and Wilhelmina Manalac said the government must sustain its fiscal consolidation plan to minimize the need for borrowings and pay off its debt principal and interest. “Public debt reflects the ability
of governments to finance their annual budgets. If tax and nontax revenues do not suffice, and reserves are not adequate to be drawn down, governments resort to borrowing from both domestic and external capital markets,” they said in the report. It suggested that public revenues must be maximized through an appropriate taxation system for fiscal and debt sustainability to be achieved. Moreover, public expenditures must be rationalized, consistent with the government’s priorities on infrastructure, education and health. See “New,” A2
PESO exchange rates n US 58.4090 n japan 0.3615 n UK 75.0614 n HK 7.4779 n CHINA 8.0276 n singapore 43.2980 n australia 39.4027 n EU 63.2686 n KOREA 0.0422 n SAUDI arabia 15.5732 Source: BSP (July 11, 2024)