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PH Investment Pledges Hit P760 Billion Amid Pandemic-Induced Recession

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Key Points

  • As of August, the Board of Investments (BOI) reported a 25% increase in investment pledges, bringing the total to over P760 billion.
  • BOI Managing Head and Trade Undersecretary Ceferino Rodolfo said in an online media briefing with economic managers on Thursday that pledges rose by 25 percent from January to August this year compared to the same period in 2019.
  • Although he failed to provide precise figures, in 2019 the BOI posted P609 billion in the same period.
  • Visit The Financial Today’s homepage for more stories.

As of August, the Board of Investments (BOI) reported a 25% increase in investment pledges, bringing the total to over P760 billion, although this growth was largely due to a large ticket project that was registered back in June for tax breaks.

BOI Managing Head and Trade Undersecretary Ceferino Rodolfo said in an online media briefing with economic managers on Thursday that pledges rose by 25 percent from January to August this year compared to the same period in 2019.

Although he failed to provide precise figures, in 2019 the BOI posted P609 billion in the same period. A rise of 25 percent will push the latest number to around P761 billion. As of press time, the BOI has still not responded to requests for detailed information.

“The growth of our investment [pledges] from January to August of this year is actually 25 percent compared to [the] same period of last year because groups continue to invest in medium- and long-term investment opportunities such as in infrastructure,” Rodolfo said.

Back in June, when it registered San Miguel Corp’s (SMC) P530,8-billion airport project in Bulacan called Airport City, the BOI surpassed the P600-billion mark amid an economy in decline.

This investment alone already constitutes 70 percent of the existing commitments.

The Airport City is now registered with BOI and can receive tax breaks such as income tax holidays. SMC has said the project would cost P735 billion in total.

Legislators are moving separately to grant SMC a franchise to develop and operate the international airport that would exclude the company from all direct and indirect taxes for a 10-year construction period.

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