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  July 9, 2013: New Investments Grow by 36%

Investments inflow in the first half of the year jumped 36.5 percent to P285.59 billion as more foreign investors’ believe in the Aquino administration and that the country’s economic growth is sustainable, Trade and Industry Secretary Gregory L. Domingo said.
Of the P285.59 billion investments inflow in the January-June period this year, the bulk of P201.9 billion came from the Board of Investments while the Philippine Economic Zone Authority (PEZA) contributed P83.69 billion.
Both agencies expect these investments to generate 70,936 jobs once these project go into full commercial operation. The PEZA have higher jobs generation of 51,872 given the fact that its projects are mostly labor intensive manufacturing ventures geared for the exports market.
Investments registered with the BOI, however, are geared for the domestic market. The bulk of the BOI-registered investments are in the energy sector that would help build the country’s capability to supply the much needed power requirements of domestic enterprises.
The BOI and PEZA are the government’s two biggest investment generators. Other investment promotion agencies that contribute to the investments generation of the country are Clark Freeport and Subic Freeport, which locators are also export-oriented.
PEZA project registration has a high success rate of over 90 percent while the BOI has over 80 percent.
Domingo, who recently met with a group of foreign investors in Singapore cited the continued strong interest the Philippines is getting globally.
“Obviously, there is a continuing strong global interest in the Philippines. You can see it from the registered investments. You don’t see it yet in the official foreign direct investments numbers but this thing is happening, it’s going on,” Domingo told reporters.
According to Domingo, the strong interest in the country is reflected in the GDP numbers, in the manufacturing sector which grew 9.7 percent and the strong construction sector.
“We can see that in the strength of the economy. This growth is sustainable because it is broad based,” Domingo said.
“Definitely, investments are going on and exports continue to increase despite weakness in the electronics sector because growth is broad based from agriculture, manufacturing or industry,” he said.
Even the services sector’s growth is also broad based with no sign of slowing down even if the base is already huge, he said.

Source: Manila Bulletin - July 9, 2013

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