The country’s top two investments promotion agencies garnered a total of P10.92-billion worth of investments in the first two months this year or a modest increase from P10.79 billion in the same period last year.

Of these investments, the Board of Investments (BoI) generated P2.48 billion from P4.2 billion last year. On the other hand, the Philippine Economic Zone Authority generated P8.44 billion from P6.59 billion in the first two months of 2005.

Trade and Industry Undersecretary Elmer C. Hernandez noted that the months of January to February are normally lean months.

Normally, he said, investments start picking up in March.

"Plus given the fact of our political situation, we still managed to grow all on the basis of good economic fundamentals," Hernandez noted.

Hernandez, who heads the investment group of the BoI, also discounted the impact of the recent political events on the country’s investment climate.

"I still have to hear a call or an inquiry either from a local or foreign investor or from an investment lead about the recent political development in the country," he said.

The BoI is still keeping a 10 percent increase on investments inflow this year based on the Medium Term Philippine Development Plan.

Major investments that were approved by the two agencies this year include China Oceanis Philippines, Inc., an operator of special interest resort (P1.08 billion), and Ford Philippine Components Assembly Co., to engage in the manufacture and assembly of flexible fuel engine (P670.00 million).

Investments in the IT sector is still competitive at P260.01 million just for January 2006 compared to the same period last year of P208.18 million or an increase of 24.90 percent.

With its labor-intensive nature, job opportunities to be created by these IT projects totaled to 6,407. The two call center projects alone approved this month are expected to employ 5,910 workers.

Trade and Industry Secretary Peter B. Favila said that investments are expected to continue pouring because of the business opportunities here.

"Now that the state of emergency has been lifted we expect renewed interest from business to explore and expand their operations in the country," he said.

The ‘uncertainty’ caused by recent events is now cast off, thus, our investment promotion will be much easier as we present the Philippines as a preferred business destination, he said.

"Paramount to the government’s agenda is the development of the country and it is business that is a major stakeholder in this endeavor," Favila added.

Hernandez also added that the Filipinos expertise in ICT, the county is now in the best position among Asian nations to gain a larger share of international electronic servicescontracts to help boost its economy.

Based on trends on outsourcing services, Asia would be a source of significant outsourcing operations from the United States and Europe, Hernandez added.

Other major projects approved for the period include Procter and Gamble Philippines, Inc. for the manufacture of baby diapers (P356 million); LogiCall for call center operations (P147 million) and; Philippine Auto Components for the manufacture of cluster parts and components (P118.5 million). (BCM)