Investments in accommodation and food service in PH surge to P11.3B in October
The Philippine Board of Investments (BOI) said that investment approvals for the accommodation and food service sector of the country surged by 268.5 percent to P11.3 billion, from only P3 billion in the same period in 2016.
In total, October investment approvals worth went up by 187 percent to P27.6 billion from P9.6 billion in the same month last year. Overall, investment approvals from January to October 2017 reached P408.7 billion, up 38.1 percent from the same period in 2016.
“We remain bullish in attracting more investments in the last two months of the year as the infrastructure program of the government is now in full swing,” said Trade Secretary and BOI Chairman Ramon Lopez on Wednesday
“The successful hosting by the country of the ASEAN2017 Meetings and the recently announced 6.9 percent GDP growth which surpassed the estimates of experts will sustain the momentum on investments as the year comes to a close and will surely carry over to the new year with greater opportunities,” he added,
In line with the government’s move to promote regional dispersion among investments, CALABARZON (Region IV-A) topped all regions with P150.9 billion, up a sizzling 341 percent jump from Php34.2 billion last year.
Central Luzon (Region III) registered P115.1 billion, a sizable 138 percent increase from last year’s Php48.3 billion. NCR had P42.5 billion, down by 43 percent from Php74.3 billion in 2016. Central and Western Visayas contributed a total of PHp42.3 billion. Cagayan Valley and Ilocos combined for P21.5 billion. Northern Mindanao and Davao Region had a total of P12 billion.