By Justine Irish D. Tabile, Reporter
THE Board of Investments (BoI) said that it’s currently evaluating applications for 30 manufacturing projects which have a complete cost of P33.54 billion.
BoI Investment Policy and Planning Service Director Sandra Marie S. Recolizado said the appliance forms and supporting documents for the 30 manufacturing projects have already been filed with the BoI.
“So, the projects really have the intention to use in the event that they are already within the checklisting phase,” she said in a Viber message.
Throughout the “checklisting” phase, the BoI assesses the completeness of knowledge in the appliance forms and supporting documents which were submitted.
Data from the BoI as of July 14 showed that it’s currently evaluating the 30 projects under the manufacturing industry. The projects are expected to generate 1,668 jobs.
From January to June, the BoI has already approved 14 manufacturing projects which have a combined project cost of P26.63 billion, reflecting a 165.08% increase from the P10.05 billion value of producing projects it approved in the identical period last yr.
The 14 manufacturing projects approved in the primary half are expected to generate 5,725 jobs.
“The sustained rise in industrial production, coupled with increasing investor confidence, is laying the groundwork for significant employment opportunities for Filipinos,” said Trade Secretary and BoI Chairperson Ma. Cristina A. Roque in an announcement on Monday.
Citing data from the Philippine Statistics Authority, the BoI said that the Philippine manufacturing sector’s output grew by 4.9% in May, signaling “robust economic activity and boosting job opportunities.”
“The surge in manufacturing output within the Philippines shows how we’re profiting from opportunities to serve growing markets and, importantly, to offer jobs and income for our people,” said Ms. Roque.
12 months on yr, manufacturing output, measured by the quantity of production index, climbed to 4.9% in May, faster than 4.2% in the identical month last yr and 4.3% in April.
It was also the quickest growth in 10 months, or for the reason that 7.2% in July 2024.
“The expansion in May was primarily driven by a 15.7% jump within the food products subsector, which accelerated from its 11.2% rise in April,” the BoI said.
“The manufacture of transport equipment also provided a significant boost, with output increasing by 13.5%, nearly doubling the 7.4% growth recorded within the previous month,” it added.
The agency also noted the S&P Global Philippines Manufacturing Purchasing Managers’ Index improved to 50.7 in June from 50.1 in May.
“This positive outlook on the manufacturing sector is a catalyst for the country’s economic growth and more job opportunities for Filipinos. When factories produce more, they should hire more staff,” said Ms. Roque.
Meanwhile, Rizal Industrial Banking Corp. (RCBC) Chief Economist Michael L. Ricafort said that he expects US President Donald J. Trump’s reciprocal tariffs to dampen exports, thereby also slowing down investments.
“As some investments are export-oriented, uncertainties in exporter sales, inventories, and capability would decelerate recent investments until uncertainties ease,” said Mr. Ricafort.
Nevertheless, he said this might be offset by the Philippines’ largely consumer-driven economy, where consumer spending accounts for 75%.
He said that the country’s favorable demographics and fast-growing economy make it a compelling destination for foreign investors “as a source of more organic sales.”